Lesson 1: Introduction to Entrepreneurship

Question 1

“entrepreneur” was derived from

Answer 1

the French verb enterprendre

Question 2

an economic activity
because it involves the creation and operation of an enterprise with a view to
creating value or wealth by ensuring optimum utilization of limited resources

Answer 2

entrepreneurship

Question 3

why is entrepreneurship an economi activity

Answer 3

it involves the creation and operation of an enterprise with a view to create value or wealth by ensuring optimum utilization of limited resources

Question 4

enterprendre means

Answer 4

to undertake

Question 5

to those who “undertake” the risk of
enterprise.

Answer 5

entrepreneur

Question 6

the process of an entrepreneur creating an enterprise

Answer 6

Entrepreneurship

Question 7

entrepreneurs are

Answer 7

innovators

Question 8

entrepreneurs are willing to

Answer 8

take on risks and generate unique ideas that can provide profitable solutions to the needs of the market and the society

Question 9

how to categorize entrepreneurs

Answer 9

according to SIZE and CHARACTER

Question 10

types of entrepreneurs according to size

Answer 10

megaentrepreneurs and microentrepreneurs

Question 11

these individuals are also willing to absorb huge risks of using enormous amounts of capital in their business venture

Answer 11

megaentrepreneurs

Question 12

Individual who have generated substantial value and profits from innovations in a very short period of time.

Answer 12

megaentrepreneurs

Question 13

Willing to absorbs huge risk using enormous amounts of capital in their business

Answer 13

megaentrepreneurs

Question 14

creates Rapid Economic Progress

Answer 14

megaentrepreneurs

Question 15

huge amount of value-added

Answer 15

megaentrepreneurs

Question 16

attracts numbers of competitors and imitators

Answer 16

megaentrepreneurs

Question 17

they also initiate business enterprise, the value-added and profits they make are limited. their contributions are minimal and attract few competitors and imitators

Answer 17

microentrepreneurs

Question 18

Individuals who initiates business enterprise, but value-added and profits they make are limited

Answer 18

microentrepreneurs

Question 19

value-added and profits are limited

Answer 19

microentrepreneurs

Question 20

contributions are minimal

Answer 20

microentrepreneurs

Question 21

attracts few competitors and imitators

Answer 21

microentrepreneurs

Question 22

short in funds and inadequate in skills

Answer 22

microentrepreneurs

Question 23

cannot undertake huge capital, sophisticated technology, and extensive risks

Answer 23

microentrepreneurs

Question 24

engage in micro and small business as an alternative to formal employment

Answer 24

microentrepreneurs

Question 25

types of entrepreneurs according to character

Answer 25

innovative; imitating; fabian; drone; and social ENTREPRENEURS

Question 26

They are those who always make new things by thinking of new ideas. They have the ability to think newer, better and more economical ideas.

Answer 26

innovative entrepreneurs

Question 27

they are those who don’t create new things but only follow the ideas of other entrepreneurs.

Answer 27

imitating entrepreneurs

Question 28

They are skeptical about changes to be made in the organization.

Answer 28

fabian entrepreneurs

Question 29

They don’t initiate but follow only after they are satisfied.

Answer 29

fabian entrepreneurs

Question 30

They are those who live on the labor of others.

Answer 30

drone entrepreneurs

Question 31

They are die-hard conservatives even ready to suffer the loss of business.

Answer 31

drone entrepreneurs

Question 32

- They are those who initiate changes and drive social innovation and transformation in the various fields such as education, health, human rights, environment and enterprise development.

Answer 32

social entrepreneurs

Question 33

relevance of entrepreneurship to an organization

Answer 33

development of managerial capabilities; creation of organizations; improving standard of living; means of economic development

Question 34

this means that one of the benefits an entrepreneur gets is to develop his managerial skills

Answer 34

development of managerial capabilities

Question 35

which means that because of entrepreneurship many organizations will exist.

Answer 35

creation of organizations

Question 36

this means that entrepreneurship can lift up the economic status of an individual.

Answer 36

improving standard of living

Question 37

this means that not only the life of the entrepreneur is improved but also the society where the business is located.

Answer 37

means of economic development

Question 38

two types of factors affecting entrepreneurship

Answer 38

personality and environmental factors

Question 39

personality factors that affect entrepreneurship

Answer 39

initiative; proactive; problem solver; perseverance; persuasion; A planner; risk-taker

Question 40

doing things even before being told.

Answer 40

initiative

Question 41

which means he can classify opportunities and seize it.

Answer 41

proactive

Question 42

which means he can retain good relations with other people.

Answer 42

problem solver

Question 43

meaning he will pursue things to get done regardless of challenges

Answer 43

perseverance

Question 44

means that he can entice people to buy even if they don’t want to.

Answer 44

persuasion

Question 45

he makes plans before doing things and does not fail to monitor it.

Answer 45

A planner

Question 46

which means that he is willing to gamble but he will calculate it first.

Answer 46

risk-taker

Question 47

environmental factors that affect entrepreneurship

Answer 47

political; climate; legal system; economic and social conditions; market situations

Question 48

common competencies in entrepreneurship

Answer 48

decisive; communicator; leader; opportunity seeker; proactive; risk taker; innovative

Question 49

an entrepreneur must be firm in making decisions.

Answer 49

decisive

Question 50

an entrepreneur must have a convincing power.

Answer 50

communicator

Question 51

an entrepreneur must have the charisma to be obeyed by his employees.

Answer 51

leader

Question 52

an entrepreneur must have the ability to be the first to see business chances.

Answer 52

opportunity seeker

Question 53

an entrepreneur can control a situation by making things happen or by preparing for possible future problems.

Answer 53

proactive

Question 54

an entrepreneur has the courage to pursue business ideas.

Answer 54

risk taker

Question 55

the entrepreneur has big business ideas and he does not stop improving and thinking of new worthwhile ideas for his business.

Answer 55

innovative

Question 56

core competencies in entrepreneurship

Answer 56

economic and dynamic activity; innovative; profit potential; risk bearing

Question 57

Entrepreneurship is an economic activity because it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of limited resources.

Answer 57

economic and dynamic activity

Question 58

The entrepreneur constantly looks for new ideas, thus he needs to be creative.

Answer 58

innovative

Question 59

The entrepreneur can be compensated by his profit coming from the operation.

Answer 59

profit potential

Question 60

The entrepreneur needs to gamble but wise enough to offset the risk

Answer 60

risk bearing

Question 61

career opportunities for entrepreneurship

Answer 61

business consultant; teacher; researcher; sales; business reporter

Question 62

with the expertise of in the field of entrepreneurship, he can be a very good source of advices to other entrepreneurs and would be business men.

Answer 62

business consultant

Question 63

a graduate of an entrepreneurship can use his knowledge in teaching.

Answer 63

teacher

Question 64

the entrepreneur can be employed as a researcher by an enterprise.

Answer 64

researcher

Question 65

the entrepreneurship graduate can apply as a salesman.

Answer 65

sales (salesman)

Question 66

the entrepreneur being expert in the field, can be employed as a

Answer 66

business reporter