Entrepreneurship: Concept and Functions Flashcards
A person who starts an enterprise
Entrepreneur
The ___ is the actor and ___ is the act. The outcome of the actor and the act ____
Entrepreneur, Entrepreneurship, Enterprise
Entrepreneurial functions
Innovation, Risk-taking, Organisation building
Promotional functions
Investigation of an Idea
Detailed investigation
Assembling the requirements
Financing the proposition
Functions of an entrepreneur
Entrepreneurial functions, Promotional functions, Managerial functions, Commercial functions
Managerial functions (POSDLMSC^3)
Planning, organising , staffing, directing, leadership, motivation, supervision, communication, co-ordination, controlling
Commercial functions (PLUMP AF) lu-leave u
Planning, Marketing, Personnel, Accounting finance
Which 2 authors gave a comprehensive classification in their book, “Entrepreneurship and Small business”
Rajesh Marwaha, J.S. Mehandipur
Basic function of an entrepreneur
Innovation
main functions of an entrepreneur
Organisation and management
who is the final judge in the conduct of one’s business/enterprise
The entrepreneur
who bought the best mango variety to India?
Dhirubhai Ambani, Alphonso
Creater of Nirma Washing Powder
- Now, one of the world’s biggest detergent powder manufacturer
- sells 8 lakhs tones annually
- holds 40% of the Indian market
Karsan Bhai Patel
- Factory chemist at first
- made detergent in kitchen
- sold cheap in rural areas
- due to need and problem of high cost of detergent, his efforts culminated
estimating the total demand for a product comes under which promotional function?
Detailed investigation
who started Infosys?
Narayana Murthy with capital of 10,000 rupees from his wife Sudha Murthy in 1981
basic managerial function of an entrepreneur
Planning
which managerial function controls the activities of the factors of production?
Organising
the function that involves making appointments for the positions created by the organisational process
Staffing
which function is also the most prevalent problem among entrepreneurs?
Communication
Key function of an enterprise
Production
Most important aspect in al enterprises
Finance
main need for entrepreneurship state in any country
Economic development
who plays an important role in development of the economy in capitalist and developed countries?
Private entrepreneurs
who plays an important role in development of the economy in socialist countries?
The state (Government)
Private entrepreneurship is not encouraged in which countries ?
Underdeveloped countries due to degree of risk involved
Thus, here Government plays vital role in economic development
who plays an important role in development of the economy in developing countries?
Both the Government and private entrepreneurs play and equally important role
For eg: India-mixed economy and developing country
But since 1991 the role of private entrepreneurs have further increased due to liberal economic policies
economic growth depends on _____ which in turn depends on ______
Rate of innovation in the economic field, number and quality of entrepreneurs in the society
______ is the yardstick to measure the level of development in a country
Entrepreneurship
An ____ is an innovator
Entrepreneur
why is there a need for the development of entrepreneurship?
In order to meet the challenge of automation and the complexities of advance technology, there is a need for the development of entrepreneurship
Increasing the sales revenue is in the control of the entrepreneur. True or False
False. It’s beyond the control of the entrepreneur
According to whom do many entrepreneurs believe a set of myths about entrepreneurship ?
Guy Kawasaki
Start-ups can’t be financed with debt. True or False
False. they can be
Debt is more common than equity. True or False
True
Who started Hathi Chaap?
Mahima Mehra
Advantages of an Entrepreneur
Excitement, Originality, Independence, Rational Salary, Freedom
Disadvantages of an Entrepreneur
Salary, Benefits, Work Schedule, Administration, Incompetent staff
Who left Apple Inc. and started Pixar?
Steve Jobs
Who bought up the idea of a space mission?
Richard Branson
Process/ Steps of Entrepreneurship
Self-Discovery Identifying Opportunities Generating and evaluating ideas Planning Raising start-up capital Start-up Growth Harvest
Who described entrepreneurs as innovators ?
Joseph Schumpeter
