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Entrepreneurship > Entrepreneurship: Concept and Functions > Flashcards

Entrepreneurship: Concept and Functions Flashcards

1
Q

A person who starts an enterprise

A

Entrepreneur

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2
Q

The ___ is the actor and ___ is the act. The outcome of the actor and the act ____

A

Entrepreneur, Entrepreneurship, Enterprise

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3
Q

Entrepreneurial functions

A

Innovation, Risk-taking, Organisation building

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4
Q

Promotional functions

A

Investigation of an Idea
Detailed investigation
Assembling the requirements
Financing the proposition

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5
Q

Functions of an entrepreneur

A

Entrepreneurial functions, Promotional functions, Managerial functions, Commercial functions

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6
Q

Managerial functions (POSDLMSC^3)

A

Planning, organising , staffing, directing, leadership, motivation, supervision, communication, co-ordination, controlling

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7
Q

Commercial functions (PLUMP AF) lu-leave u

A

Planning, Marketing, Personnel, Accounting finance

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8
Q

Which 2 authors gave a comprehensive classification in their book, “Entrepreneurship and Small business”

A

Rajesh Marwaha, J.S. Mehandipur

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9
Q

Basic function of an entrepreneur

A

Innovation

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10
Q

main functions of an entrepreneur

A

Organisation and management

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11
Q

who is the final judge in the conduct of one’s business/enterprise

A

The entrepreneur

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12
Q

who bought the best mango variety to India?

A

Dhirubhai Ambani, Alphonso

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13
Q

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
A

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
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14
Q

estimating the total demand for a product comes under which promotional function?

A

Detailed investigation

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15
Q

who started Infosys?

A

Narayana Murthy with capital of 10,000 rupees from his wife Sudha Murthy in 1981

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16
Q

basic managerial function of an entrepreneur

A

Planning

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17
Q

which managerial function controls the activities of the factors of production?

A

Organising

18
Q

the function that involves making appointments for the positions created by the organisational process

A

Staffing

19
Q

which function is also the most prevalent problem among entrepreneurs?

A

Communication

20
Q

Key function of an enterprise

A

Production

21
Q

Most important aspect in al enterprises

A

Finance

22
Q

main need for entrepreneurship state in any country

A

Economic development

23
Q

who plays an important role in development of the economy in capitalist and developed countries?

A

Private entrepreneurs

24
Q

who plays an important role in development of the economy in socialist countries?

A

The state (Government)

25
Q

Private entrepreneurship is not encouraged in which countries ?

A

Underdeveloped countries due to degree of risk involved

Thus, here Government plays vital role in economic development

26
Q

who plays an important role in development of the economy in developing countries?

A

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

27
Q

economic growth depends on _____ which in turn depends on ______

A

Rate of innovation in the economic field, number and quality of entrepreneurs in the society

28
Q

______ is the yardstick to measure the level of development in a country

A

Entrepreneurship

29
Q

An ____ is an innovator

A

Entrepreneur

30
Q

why is there a need for the development of entrepreneurship?

A

In order to meet the challenge of automation and the complexities of advance technology, there is a need for the development of entrepreneurship

31
Q

Increasing the sales revenue is in the control of the entrepreneur. True or False

A

False. It’s beyond the control of the entrepreneur

32
Q

According to whom do many entrepreneurs believe a set of myths about entrepreneurship ?

A

Guy Kawasaki

33
Q

Start-ups can’t be financed with debt. True or False

A

False. they can be

34
Q

Debt is more common than equity. True or False

A

True

35
Q

Who started Hathi Chaap?

A

Mahima Mehra

36
Q

Advantages of an Entrepreneur

A

Excitement, Originality, Independence, Rational Salary, Freedom

37
Q

Disadvantages of an Entrepreneur

A

Salary, Benefits, Work Schedule, Administration, Incompetent staff

38
Q

Who left Apple Inc. and started Pixar?

A

Steve Jobs

39
Q

Who bought up the idea of a space mission?

A

Richard Branson

40
Q

Process/ Steps of Entrepreneurship

A 
Self-Discovery 
Identifying Opportunities 
Generating and evaluating ideas
Planning
Raising start-up capital
Start-up
Growth
Harvest
41
Q

Who described entrepreneurs as innovators ?

A

Joseph Schumpeter

Entrepreneurship (3 decks)

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