The Entrepreneurial Mindset

Question 1

The Term Entrepreneur comes from the French word entreprendre which means to

Answer 1

to undertake

Question 2

What are Entrepreneur

Answer 2

It is a reference to individuals who have initiated the establishment of a business enterprise

Question 3

The steps of entrepreneurial discipline include the following:

Answer 3

a. Discovery
b. Development of concept
c. Organizing resources
d. implementation
e. reaping the returns

Question 4

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

Answer 4

DISCOVERY

Question 5

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 to the distribution of the product or service.

Answer 5

THE DEVELOPMENT OF A BUSINESS CONCEPT

Question 6

Describes the process of identifying, sourcing, and financing human, nonhuman, and other resources needed for the conduct of business. Mega entrepreneurs usually require highly educated, technologically savvy, and creative employees, who are sourced from the best universities and training institution nationally or globally.

Answer 6

ORANIZING RESOURCES

Question 7

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.

Answer 7

IMPLEMENTATION

Question 8

Pertains to strategies related to the expansion of the business firm. It also covers mechanisms for addressing conditions in the business environment that may affect the future of the firm.

Answer 8

REAPING THE RETURN

Question 9

Studies have shown that entrepreneurs need some formal education to be able to seize the opportunities presented by inventions, innovations, and other technological developments.

Answer 9

LEVEL OF EDUCATION

Question 10

Individuals who become entrepreneurs in developed countries are usually former employees of companies in the formal sector. The choice of pursuing entrepreneurship can be viewed as a step in the entrepreneur’s professional development. These entrepreneurs usually get their business ideas and concepts from the operations of companies they formerly worked for.

Answer 10

EMPLOYMENT STATUS

Question 11

The wealth of the entrepreneur is also an important factor. Usually mega entrepreneurs source their funds from their own wealth and from their families. Some generate capital for their business from the wealth they have accumulated from their past employment.

Answer 11

ENTREPRENEUR’S WEALTH

Question 12

Risk is also an important factor in understating any business venture. Risks are associated with uncertainties in business operation . These uncertainties can threaten the survival and stability of a business enterprise.

Answer 12

RISK APPETITE

Question 13

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

Answer 13

INTERNAL FACTORS

Question 14

Refer to gender, marital status, age, and employment status of individuals who are likely to form entrepreneurial intentions. For example, entrepreneurial activities generally increase with age, but decrease beyond a certain age leve.

Answer 14

DEMOGRAPHICS

Question 15

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

Answer 15

PPERSONAL TRAITS

Question 16

Include a host of qualities, including need for achievement, risk appetite, acceptance for vagueness, self-efficacy, and goal setting.

Answer 16

PSYCHOLOGICAL TRAITS

Question 17

Refers to the systematic and rational way of providing an understanding of the problem, providing possible answers, and reflecting on the validity of these tentative answers.

Answer 17

CRITICAL THINKING

Question 18

Refers to thought processes that bring about discovery of new ideas. Unlike critical tinking, it does not follow systematic or anlystical process since it looks at things from different perspectives.

Answer 18

Creative thinking

Question 19

Involves thought processes that assess a current situation, which can be useful in the formulation of plans for the future.

Answer 19

Strategic thinking

Question 20

Can be described as uncertain situations and developments that can increase the probability of loss or business failure.

Answer 20

Risk

Question 21

pertain to dangers coming from the management of resources of a business enterprise that may imperil its operations. for example, liquidity and financial risk, failures to hire the best talents, damange to reputation and failure to innovate.

Answer 21

INTERNAL RISK

Question 22

are threats coming from various environments outside the business firm

Answer 22

External risk

Question 23

The process of identifying, assesing, and responding to these risk is called

Answer 23

RISK MANAGEMENT

Question 24

Refers to the ability of individuals to be involved in the process of producing several ways of decision-making based on the identification and management of changes in their environment.

Answer 24

COFNITIVE ADAPTABILITY