Module 5

Question 1

as one who bears
uncertainty, buys labor and materials, and sells products at uncertain prices.

Answer 1

Cantillon

Question 2

he is an innovator. He does new
things in a new way. He supplies new products, makes new techniques of production, discovers new markets and develops new sources of raw materials.

Answer 2

Schumpeter

Question 3

an entrepreneur always
searches for change, responds to it and exploits it as an opportunity.

Answer 3

Peter Drucker

Question 4

author of The
Practice of Entrepreneurship

Answer 4

Geoffrey Meredeth

Question 5

entrepreneurs are
people who have the ability to see and evaluate business opportunities, to gather the necessary resources and to take advantage of them, and to initiate appropriate action to ensure success

Answer 5

Geoffrey Meredeth

Question 6

as the person who undertakes entrepreneurial activities. He identifies
an economic need, considers offering a business solution, proceeds to assemble the resources required and assumes the risk of either succeeding or failing.

Answer 6

Medina

Question 7

CHARACTERISTICS OF
AN ENTREPRENEUR

Answer 7

1. Reasonable risk -takers
2. Self-Confident
3. Hardworking
4. Innovative
5. Leadership
6. Positive Thinkers
7. Decision Makers

Question 8

Decision-making has six distinct phases:

Answer 8

1.Identifying the problem
2.Gathering the data about the problem
3.Analyzing the data
4.Formulating alternative solutions
5.Formulating alternative solutions
6.Implementing the solution/decision

Question 9

Entrepreneurs enjoy challenges. But they
are careful and calculating. So, they shy away
from high-risk situations, because these may
not be attainable. However, entrepreneurs also avoid low-risk situations, because there are no challenges.

Answer 9

Reasonable risk-takers

Question 10

Entrepreneurs have strong faith in their
abilities. They believe they can be the best in
their field. They do not accept things as they
are. Because they believe they can do things
better.

Answer 10

self-confident

Question 11

Successful people always attribute their
success to hard work. Thomas A. Edison said
that success is 99 percent perspiration and 1
percent inspiration. We can easily confirm this
by observing top executives in governmental
and non-governmental organizations. They
work far beyond the 8-hour schedule.

Answer 11

Hardworking

Question 12

Entrepreneurs are creative. They do things
in new and different ways. For example, they
create new products or services, new methods
of production, new markets and new sources of
raw materials. They love to explore the
unknown, and to blaze new paths of progress.

Answer 12

Innovative

Question 13

Entrepreneurs are leaders by the very nature
of their functions. They are people who are taskoriented. They are effective planners, organizers
and implementers. And they are achievers.

Answer 13

Leadership

Question 14

Here are the essential leadership qualities:

Answer 14

A. Selfless dedication
B. Purpose and Vision
C. Courage
D. Conviction
E. Enthusiasm
F. Integrity
G. Tact
H. Hard work

Question 15

Entrepreneurs are positive thinkers. They
think of success and bright sides. Such
success consciousness leads entrepreneurs to success. Success begets success. Dr Charles Flory, a noted American psychologist said that wealth does not always come to the most intelligent or to the most ambitious individuals, but to those individuals who think money

Answer 15

Positive Thinkers

Question 16

Entrepreneurs make decisions. They
cannot avoid this. Being creative or innovative, they always make decisions on how to improve their products, how to create new markets, how to increase consumer satisfaction, or how to maximize profits. The success of their business depends on their ability to make the right decisions

Answer 16

Decision Makers

Question 17

Entrepreneur and
Marketer, Co – founder of
Web Profits

Answer 17

Sujan Patel

Question 18

CHARACTERISTICS OF AN ENTREPRENEUR
ACCORDING TO SUJAN PATEL, CO-FOUNDER OF WEB PROFITS

Answer 18

1. Creative
2. Passionate
3. Motivated
4. Optimistic
5. Future-Oriented
6. Persuasive
7. Flexible
8. Resourceful
9. Adventurous
10. Decisive

Question 19

Entrepreneurship starts with an idea. To be
successful, you need to always be thinking of new ideas and better ways of doing things. Entrepreneurs are not satisfied with the status quo. They think outside the box and look for opportunities to come up with new solutions.

Answer 19

creative

Question 20

Perhaps the most important characteristic for
entrepreneurs, passion is essential to any business owner or working professional’s success. Without passion, there is no reason for your work and no drive to do it.
To be successful, you must be confident in yourself
and your business, and you must be proactive with what you do and how you do it.

Answer 20

Passionate

Question 21

In an interview with The Computerworld
Smithsonian Awards Program, the late Apple founder
Steve Jobs said, “I’m convinced that about half of what
separates the successful entrepreneurs from the nonsuccessful ones is pure perseverance

Answer 21

Motivated

Question 22

Do you see the glass half empty or half full?
For entrepreneurs, it’s always half full.
Entrepreneurs always look on the bright side and are constant dreamers. They look at how they can do things better and make the world a better place. They never dwell on the past or the negative. Instead, they focus on moving forward and moving up.

Answer 22

Optimistic

Question 23

Because entrepreneurs are focused on moving forward, they are always looking toward the future. Entrepreneurs are very goal-oriented and know exactly what they want. They set their goals and everything they do is aimed at achieving those goals.

Answer 23

Future-Oriented

Question 24

To be successful in business, you have to know business. If you’re a people person and know how to get people to listen to you, you could be a successful entrepreneur.
Especially when first starting out, entrepreneurs need to gain buy-in from those around them on their big idea.

Answer 24

Persuasive

Question 25

Entrepreneurs know how to adapt to unfamiliar situations. Whatever it takes, entrepreneurs are ready and willing. They always approach things with an open mind and are willing to change course if they need to.

Answer 25

Flexible

Question 26

In business, problems aren’t a matter of if, but when entrepreneurs do not shy away from challenges or conflicts. Instead, they face them head on and come up with a solution. They know how to solve problems effectively. Entrepreneurs also know how to make the most of what they have. Everything has a plan and a purpose.

Answer 26

Resourceful

Question 27

Entrepreneurs know that to be successful, they.must be willing to take risks. While they don’t mind walking on the wild side, they don’t take risks lightly. They know how to plan for the unknown and make a calculated decision that is best for them and their business.

Answer 27

Adventurous

Question 28

There is no room for procrastination in
business. Entrepreneurs know what needs to be
done and don’t hesitate to make the decisions that
will lead them to success. They don’t let
opportunities pass them by; instead, they seize the
day and get the job done.

Answer 28

decisive