Lesson 1.1

Question 1

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

Answer 1

Development of Managerial Capabilities

Question 2

which means that because of entrepreneurship many organizations will exist.

Answer 2

Creation of Organizations

Question 3

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

Answer 3

Improving Standard of Living

Question 4

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

Answer 4

Means of Economic Development

Question 5

derived from the French verb enterprendre, which means “to undertake.”

Answer 5

entrepreneur

Question 6

They are willing to take the risks and generate unique ideas that can provide profitable solutions to the needs of the market and the society.

Answer 6

Entrepreneurs are innovators

Question 7

Personality factors
Environmental factors

Answer 7

Factors Affecting Entrepreneurship

Question 8

doing things even before being told.

Answer 8

Initiative

Question 9

which means he can classify opportunities and seize it.

Answer 9

Proactive

Question 10

which means he can retain good relations with other people.

Answer 10

Problem Solver

Question 11

meaning he will pursue things to get done regardless of challenges.

Answer 11

Perseverance

Question 12

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

Answer 12

Persuasion

Question 13

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

Answer 13

A Planner

Question 14

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

Answer 14

Risk-taker

Question 15

which include political, climate, legal system, economic and social conditions and market situations.

Answer 15

Environmental Factors

Question 16

those skills, organized into clusters, regarding the main areas of managerial knowledge such as accountancy, finance, control, marketing, HR management, organization, operations, internationalization, strategy and other capabilities that enable the entrepreneur to manage the organization.

Answer 16

The Functional Competencies

Question 17

those specific behaviors grouped into five clusters namely: self- awareness, self-management, social awareness, relationship management and cognitive competencies.

Answer 17

The Emotional Competencies

Question 18

those broad overall skills that are grouped into goal and action management cluster, people management cluster and analytical reasoning cluster

Answer 18

The Cross-Functional Competencies

Question 19

THE SIX COMPETENCIES

Answer 19

Opportunity competencies
Relationship competencies
Conceptual competencies
Organizing competencies
Strategic competencies
Commitment competencies

Question 20

related to recognizing and developing market opportunities through various means

Answer 20

Opportunity competencies

Question 21

related to person to person or individual to grouped based interactions, i.e., building a context of cooperation and trust, using contacts and connections, persuasive ability, communication and interpersonal skill.

Answer 21

Relationship competencies

Question 22

related to different conceptual abilities

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which are reflected in the behaviors of the entrepreneur, i.e., decision skills, absorbing and understanding complex information, risk-taking and innovativeness.

Answer 22

Conceptual competencies

Question 23

related to the organization of different internal and external human, physical, financial and technological resources, including team building, leading employees, training and controlling

Answer 23

Organizing competencies

Question 24

related to setting, evaluating and implementing the strategies of the firm

Answer 24

Strategic competencies

Question 25

competencies that drive the entrepreneur to move ahead with the business.

Answer 25

Commitment competencies

Question 26

Common Competencies in Entrepreneurship

Answer 26

Decisive
Communicator
Leader
Opportunity seeker
Proactive
Risk taker
Innovative

Question 27

an entrepreneur must be firm in making decisions.

Answer 27

Decisive

Question 28

an entrepreneur must have a convincing power.

Answer 28

Communicator

Question 29

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

Answer 29

Leader

Question 30

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

Answer 30

Opportunity seeker

Question 31

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

Answer 31

Proactive

Question 32

Core Competencies in Entrepreneurship

Answer 32

Economic and Dynamic Activity
Innovative
Profit Potential
Risk bearing

Question 33

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 33

Economic and Dynamic Activity

Question 34

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

Answer 34

Innovative

Question 35

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

Answer 35

Profit Potential

Question 36

The entrepreneur needs to gamble but wise enough to offset

Answer 36

Risk bearing