Session 08: Entrepreneurship

Question 1

What is Entrepreneurship?

Answer 1

Process of producing innovations by managing risks and identifying business opportunities to satisfy human needs and wants.

Question 2

Importance of entrepreneurship?

Answer 2

1. Contributes to economic and social development of a country.
2. Find innovations and react to changes in the world that change rapidly.
3. Give leadership to the changing world.
4. Generative innovations to survive in the competitive business world.
5. Uplift the living standards through satysfying human needs and wants at highlevel.
6. Create employments through starting new busnesses.

Question 3

Characteristics of Entrepreneurship?

Answer 3

1. Willing to take risks
2. Creativity
3. Commitment
4. Self confidence
5. Self reliant

Question 4

Skills of Entrepreneurship?

Answer 4

1. Leadership
2. Communication
3. Interpersonal skills
4. Basic management
   5.

Question 5

Process(Stages) of Entrepreneurship?

Answer 5

1. Discovery stage
2. Concept
3. Resourcing
4. Actualization
5. Harvesting

Question 6

What is a Business Idea?

Answer 6

The spark of creativity that gives a vision for a business or product.

Question 7

What is opportunity?

Answer 7

The set of circumstances in which an idea can be turned into a successful business.

Question 8

Differences between Business idea and Business opportunity

Answer 8

Business Idea:
1. An unproven concept
2. Comes from our minds
3. Spark of creativity that gives a vision for a business or a product.
4. Provides the direction and the vision for the business.

Business opportunity:
1. A proven concept
2. Comes from observation and analysis
3. Set of circumstances in which an idea can be turned into a successful business.
4. Provides the context in which the idea is being implemented.

Question 9

4 approaches of opportunity identification?

Answer 9

1. Observing trends
2. Solving a problem
3. Finding gaps in the market
4. Entrepreneur’s personal characteristics

Question 10

Source of Business ideas

Answer 10

1. Emerging trends
2. Hobbies
3. Existing and potential customer needs and wants
4. Market surveys
5. Analyzing environment

Question 11

Elements of Business environment

Answer 11

1. Political Environment
2. Legal..
3. Economic..
4. Social..
5. Technical..

Question 12

Role of Entrepreneurship

Answer 12

1. Job creation
2. Wealth creation
3. Innovation and technology advancement
4. Regional development
5. Entrepreneurial eco system and Supportive policies