LESSON 2

Question 1

there are ten entrepreneurial characteristics grouped into three major clusters:

Answer 1

1. Achievement cluster
2. Planning cluster
3. Power cluster

Question 2

The entrepreneur who belongs to the achievement cluster is

Answer 2

1. An opportunity seeker
2. Committed
3. Persistent
4. A risk-taker, and
5. Efficient and quality oriented

Question 3

A person who dreams of becoming a successful entrepreneur must be a seeker of business opportunities.

Answer 3

Opportunity-seeker

Question 4

A highly committed entrepreneur displays full commitment to the work he/she undertaking.

Answer 4

Committed

Question 5

Trials, sacrifices and failures challenge the entrepreneur to be persistent.

Answer 5

Persistent

Question 6

Successful entrepreneurs are business risk takers. There is a risk in entrepreneurship because of uncertainty.

Answer 6

Risk taker​

Question 7

The concept of efficiency in an entrepreneurial endeavor is related to the cost involved in the production of good and services.

Answer 7

Efficient and Quality Oriented

Question 8

is a set of characteristics of successful entrepreneurs that basically supports the character traits in the achievement cluster like

Answer 8

Planning Cluster

Question 9

Planning Cluster is a set of characteristics of successful entrepreneurs that basically supports the character traits in the achievement cluster like

Answer 9

1) goal-setter,
2) information-seeker and
3) systematic in planning &monitoring

Question 10

The basic point is setting goals and objectives. Goals and objectives are the guiding points that direct all actions, efforts, and struggles of the entrepreneur.

Answer 10

Goal-setter

Question 11

SMART principle.

Answer 11

Specific, Measurable, Achievable, Realistic and Time-bound.

Question 12

Entrepreneurs make decisions that will affect the operations of the business ventures.

Answer 12

Information seeker

Question 13

A successful and dynamic entrepreneur does not simply set goals and objectives or monitor entrepreneurial activities in any way he/she wants. Rather he/she follows a systematic pattern planning processes and monitoring approaches.

Answer 13

Systematic in planning and monitoring

Question 14

It establishes relationships of the entrepreneurs with the suppliers of raw materials, financial institutions, customers, competitors, the government, employees, and all other stakeholders.

Answer 14

POWER CLUSTER

Question 15

An entrepreneur in the power cluster:

Answer 15

1. A persuasive and positive networker
2. Self-confident.

Question 16

1) Adopts specific strategies that will influence and convince others while maintaining the highest degree of respect.
2) Makes use of positive contacts in the business community in order to meet the goals and objectives of the business endeavor.

Answer 16

1. Persuasive and positive networker

Question 17

Successful entrepreneurs are known to have a high level of self-confidence. They project a favorable image of themselves which is founded on respect and good deeds in the business community. Entrepreneurial self-confidence is actually a manifestation of the entrepreneur’s strong trust or belief in him/her.

Answer 17

Self-confident

Question 18

Without the required skills, a person can hardly succeed in a particular endeavor, perform the assigned specialized tasks, or even truly become a successful entrepreneur.

Answer 18

ENTREPRENEURIAL SKILLS

Question 19

considered as the personal abilities to do things well. They come from the totality of the knowledge, practice or experience, and aptitude of a person.

they are acquired and developed by a person through constant and correct practice.

Answer 19

skills

Question 20

What kind of skills should be acquired and developed in a deliberate and systematic fashion by a person who has an intense desire of becoming a successful entrepreneur?

Answer 20

The answer is simple - entrepreneurial skills. These refer to the set of cognitive, technical and interpersonal skills required in the practice of entrepreneurship.

Question 21

refer to the mental ability of the entrepreneur to learn new things, generate new ideas and express knowledge in both oral and written forms.

Answer 21

Cognitive Skills

Question 22

Problems are common in the life of an entrepreneur as he/she manages the day by day operations of the business venture.

Answer 22

problem-solving skills

Question 23

refers to the knowledge and proficiency in a specialized field like computer technology, accounting, marketing, operation research, engineering, medical fields, or other related technical fields.

Answer 23

Technical skills

Question 24

are basically about the relationship and interaction of the entrepreneur with the workers, suppliers, creditors, prospective customers and other members of the business community.

Answer 24

Interpersonal skills

Question 25

An _____ is not scared to any risks in busines

Answer 25

aggressive risk taker

Question 26

2) A ____ is more calculative in taking risks. He/she analyses the situation before taking the leap.

Answer 26

moderate risk taker

Question 27

3) A ________ is not very eager to take any kind of risk.

Answer 27

conservative risk taker

Question 28

is an entrepreneur who sees and acts on new business opportunities and seizes unusual opportunities to obtain financing, equipment, land, work, space or assistance.

Answer 28

business opportunity seeker