General Learnings i guess

Question 1

involves not only the process that leads to the setting up of a business entity but also the expansion and development of an ongoing concern.

Answer 1

Entrepreneurship

Question 2

Adam’s Smith’s definition of an entrepreneur

Answer 2

An entrepreneur is a person who acts as agent in transforming demand into supply.

Question 3

Jean Babtiste Say’s definition of an entrepreneur

Answer 3

An entrepreneur is a person who shifts resources from an area of low productivity to high productivity.

Question 4

John Stuart Mill’s
definition of an entrepreneur

Answer 4

An entrepreneur is a prime mover in the private enterprise. The entrepreneur is the fourth factor of production after land ,labor and capital.

Question 5

Carl Menger’s definition of an entrepreneur

Answer 5

The entrepreneur acts as an economic agent who transforms resources into products and services. The entrepreneur transforms and gives added value

Question 6

Joseph Aloysius Schumpeter’s definition of an entrepreneur

Answer 6

An entrepreneur is an innovator. The economy moves through leaps and bounds and the prime mover is the entrepreneur through the process of creative destruction

Question 7

Alfred Marshall’s definition of entrepreneurship

Answer 7

The process of entrepreneurship or business development is incremental or evolutionary . It evolves from sole proprietorship to a public company.

Question 8

Ibnu Khaldun’s definition of an entrepreneur

Answer 8

The entrepreneur is seen as a knowledgeable individual and is instrumental in the development of a city-state where enterprise will emerge.

Question 9

David McClelland’s definition of an entrepreneur

Answer 9

The entrepreneur is a person with a high need for achievement. This need for achievement is directly related to the process of entrepreneurship.

Question 10

general definition of entrepreneurship

Answer 10

is a process of innovation and new venture creation through four major dimensions – individual, organizational, environmental and process

Question 11

what is the functional definition of entrepreneurs?

Answer 11

Entrepreneurs are individuals who actively form or lead their own business and nurture them for growth and prosperity.

Question 12

characteristics of an entrepreneur

Answer 12

Calculated Risk-taker

Innovator

Organiser

Creative

Achievement Motivated

Technically Competent

Self-confident

Socially Responsible

Optimistic

Equipped with capability to drive

Question 13

characteristics of an entrepreneur part 2

Answer 13

Blessed with Mental Ability

Human Relations Ability

Communication Ability

Decision-Making

Business Planning

A venture Capitalist

Visionary

Entrepreneur make significant differences

Ability to Spot and Exploit Opportunities

Courage to Face Adversities

Leadership—An essential trait of the entrepreneur

Question 14

what is a business entrepreneur?

Answer 14

Business entrepreneurs are those entrepreneurs who conceive the idea of a new product or service and then translate their ideas into reality

Question 15

what are trading entrepreneurs?

Answer 15

As the very name indicates trading entrepreneur is concerned with trading activities and not manufacturing

Question 16

what are industrial entrepreneurs?

Answer 16

As the very name indicates, an industrial entrepreneur is one who sets up an industrial unit

Question 17

what is a corporate entrepreneur?

Answer 17

Corporate entrepreneur is the one who plans, develops and manages a corporate body

Question 18

what is an agricultural entrepreneur?

Answer 18

agricultural entrepreneur is the one who is engaged in the agricultural activities.

Question 19

what is a pure entrepreneur?

Answer 19

Pure entrepreneur is one who may or may not possess an aptitude for entrepreneurship but is tempted by the monetary rewards or profits to be earned from the business venture.

Question 20

what is an induced entrepreneur?

Answer 20

Induced entrepreneur is attracted by the various incentives, subsidies and facilities offered by the government.

Question 21

what is a technical entrepreneur?

Answer 21

The strength of a technical entrepreneur is in his skill in production techniques. He concentrates more on production than on marketing

Question 22

what is a non-technical entrepreneur?

Answer 22

Unlike technical entrepreneur, non-technical entrepreneur is not concerned with the technical aspect of the product rather he spends more time in developing alternative strategies of the marketing and distribution to promote his business.

Question 23

what is a professional entrepreneur

Answer 23

Professional entrepreneur means an entrepreneur who is interested in floating a business but does not want to manage or operate it

Question 24

what is a first-generation entrepreneur?

Answer 24

First generation entrepreneur are those entrepreneur who do not possess any entrepreneurial background

Question 25

what is a second-generation entrepreneur:?

Answer 25

Second generation entrepreneurs are those entrepreneurs who inherit the family business firms and pass it from one generation to another

Question 26

what is a classical entrepreneur?

Answer 26

A classical entrepreneur is a stereotype entrepreneur whose aim is to maximize his economic returns at a level consistent with the survival of the unit but with or without an element of growth.

Question 27

what is an innovative entrepreneur?

Answer 27

Innovative entrepreneurs are generally aggressive and possess the art of cleverly putting the attractive possibilities into practice.

Question 28

what are imitative entrepreneurs?

Answer 28

Imitative entrepreneurs are characterized by a readiness to adopt successful innovations inaugurated by successful innovating entrepreneurs.

Question 29

what are Fabian entrepreneurs?

Answer 29

Fabian entrepreneurs are cautions and skeptical in experimenting change in their enterprises. Such entrepreneurs are shy, lazy and lethargic.

Question 30

what are drone entrepreneurs?

Answer 30

Drone entrepreneurs are characterised by a refusal to adopt opportunities to make changes in production formulae even at the cost of severly reduced returns