The Entrepreneurial Mindset

Question 1

The term “Entrepreneur” comes from the French word

Answer 1

Entreprendre - which means “To understake”
It is a reference to individuals who have initiated the establishment of a business enterprise.

Question 2

What are entrepreneurs described by Schumpeter?

Answer 2

Are individuals who have generated substantial value ad profits from innovations in a very short period of time. These individual are also willing to absorb huge risk using enormous amounts of capital in their business ventures.d

Question 3

This entrepreneurial discipline is often referred to as the “x” which involves several stages from the awareness of an opportunity to the realization of a business idea.

Answer 3

Entrepreneurial process

Question 4

The entrepreneurial process includes the following:

Answer 4

(a) Discovery
(b) Development of concept
(c) Organizing Resources
(d) Implementation
(e) Reaping the Returns

Question 5

Discovery

Answer 5

Refers tot he recognition of a business idea or the detection of opportunities that could make money for the entrepreneur.

Question 6

Development of concept

Answer 6

Gives more details on how the general business idea can be realized. It suggests the preparation of a business plan, which must spell out the various activities that must be done from production of the distribution of the production or service.

Question 7

Organizing resources

Answer 7

Describes the process of identifying, sourcing, and financing human, nonhuman, and other resources needed for the conduct of business.

Question 8

Implementation

Answer 8

Is the process of carrying out the business plan. It covers a number of activities, including the management of human, physical, technological, and financial resources of the business.

Question 9

Reaping the returns

Answer 9

pertains to strategies related to the expansion of the business firm.

Question 10

Entrepreneurial Traits and Creation of Value-Added

Answer 10

• Level of Education
• Employment Status
• Entrepreneur’s Wealth
• Risk Appetite

Question 11

Entrepreneurial Traits and Entrepreneurial Intentions

Answer 11

-Internal Factors
-Demographics
-Personal Traits

Question 12

Internal Factors

Answer 12

Include mainly the qualities of individuals such as demographics, personal traits, psychological characteristics, individual skills, prior knowledge, and social ties.

Question 13

Demographics

Answer 13

refers to gender, marital status, age, and employment status of individuals who are likely to form entrepreneurial intentions.

Question 14

Personal Traits

Answer 14

There are theoretical bases for the contribution of self-confidence, determination, and enthusiasm and other positive human qualities in influencing entrepreneurial intentions.