Theme 1: Introduction to Entrepreneurship #1

Question 1

Define entrepreneurship

Answer 1

Is a dynamic and social process where individuals alone or in collaboration, identify opportunities for innovation and act upon these by transforming ideas into practical and targeted activities whether in a social, cultural or economic context.

Question 2

Define an entrepreneur

Answer 2

Is a person that identifies opportunities, gather the resources, information & take risks to start a business.

Question 3

Define an enterprise

Answer 3

Its an entrepreneurial venture that brings together economic resources to achieve a desired objective.

Question 4

Process of Entrepreneurship

Answer 4

Phase 1: Identify & Evaluate an opportunity
Phase 2: Develop the business plan.
Phase 3: Determine the resources required to implement the business plan.
Phase 4: Start up & running of the new enterprise.

Question 5

Describe an overview of origin of entrepreneurship

Answer 5

The economic associate’s perspective:
Behaviorist’s perspective:
The management science perspective:
The social perspective:
The entrepreneurship perspective:

Question 6

The economic associate’s perspective:

Answer 6

This perspective has to do with bringing about a different use of resources in that they are withdrawn from their traditional and subjected to new combinations.

Question 7

Behaviourist’s perspective:

Answer 7

The behaviourist’s perspective looks at psychological behaviour of entrepreneur.

Question 8

The management science perspective:

Answer 8

These research concentrates on what entrepreneur do and why they do it.

Question 9

The social perspective:

Answer 9

It concentrates on the support needed by entrepreneurs

Question 10

The entrepreneurship perspective:

Answer 10

What are the entrepreneurial activities and what competencies are required to perform them?

Question 11

Explain and discuss the benefits of entrepreneurship to the Society

Answer 11

Provision of jobs
The combination of all businesses determines the state of economy
They are employment creators
Small & Medium sector is the growth sector all over the world
Scholarship: Entrepreneurs give money to less privileged students for study
Donations: Entrepreneurs often donate money to charities that improve the living conditions of community members
Sponsorship: Some individuals sponsor people e.g. an entrepreneur may fund a child in orphanage.
Entrepreneurs develop the society by building shopping malls that attracts doctors, pharmacies, boutiques, cinemas, etc.

Question 12

Explain and discuss the benefits of entrepreneurship to the Nation

Answer 12

Provide more employment opportunities
Entrepreneurs pay taxes
Help mobilize and make use of local resources, skills & savings
Contribute and improve/development of and growth of the economy
Stimulates innovations and efficiency

Question 13

Explain and discuss the benefits of entrepreneurship to the Individual

Answer 13

Provide self-employment for the entrepreneur
Provide employment to the family members and society
Entrepreneurs often provide an employment and livelihood for next generations as well
Freedom to use own ideas, innovation and creativity
Unlimited income, can become rich at any time
Be independent.

Question 14

Explain the meaning of a belief on businesses/enterprises in general

Answer 14

A belief is an acceptance that something exists or its true especially without proof

Question 15

State examples of beliefs about enterprises that are common in Namibia:

Answer 15

Entrepreneurs are born not made
Entrepreneurs are gamblers
Entrepreneurs are investors
Entrepreneurs are non-academic and social conformists
Entrepreneurs depend on luck
Starting a venture is risky and often ends in failure
Money is the most important start-up ingredient
Entrepreneurs fit a specific profile
Entrepreneurs do not have time for family and friends
Entrepreneurs are doers and not thinkers

Question 16

Explain the success of an enterprise does not depend on gender roles

Answer 16

• Gender should not be a problem when it is coming to the enterprise success as:
• It will require certain skills and personal qualities or characteristics which both males and females better equipped, because they are multi-task which would be an advantage to the enterprise.
• Gender roles do not determine the success of the enterprise because both man and woman can do different types of work.
• The vision or commitment needed relate to both males and females.
• Both men and woman can be successful in business if they are well trained.
• Woman tend to be more nurturing and caring than men, which makes it easier for them to understand human relations situations especially at the problem-solving stage, as they can more easily project themselves into a situation as to better understand it.
• Mend tend to use more of their right brain and woman use more of their left brain, so men and woman complement each other while can only benefit an enterprise.

Question 17

Explain the lessons learnt from the enterprise beliefs of China

Answer 17

1. Confucianism:
   - Teaches people virtue, order and harmony.

• The Chinese have a strong belief in governing, relationships between for example father and son, the ruler and the subjects and between friends.

2. Daoism:
   - Refers to the natural flow of things in the world.

• It is not composed of rules, but it describes a path that one should follow.
• Daoism encourages a person to follow their dreams and goals when running the enterprise.

3. Buddhism :
   - Teaches reflection and self-awareness.

• It implies a very deep, understanding of something and this can only come about by focusing inward and using your senses to comprehend it.
• Buddhism helps a person to be focused in business.

Question 18

Explain the lessons learnt from the enterprise beliefs in India

Answer 18

Principle 1 – seeking opportunity in adversity
- The environment where you find yourself will provide guidance as to the type of product or service needs.

Principle 2 – minimum input costs/doing more with less
- It is important to look around for ways to replace expensive rough materials of a lower cost but with acceptable quality.

Principle 3 – thinking and acting flexibility
- in India because of survival, they always try to come up with cheap alternatives without necessarily jeopardizing quality
Principle 4 – keep it simple
When you produce a product it must be simple and user-friendly for all people.

Principle 5 – include all people
- Including the margin, any services you provide should accommodate everyone in society regardless of their wealth

Principle 6 – dream big/follow your heart
- In India no dream is too big to come true, they believe you should follow your heart and do what you love because that will make you successful.

Question 19

Explain the lessons learnt from the enterprise beliefs of Japan

Answer 19

• Japan business success is based on the Kaizen mythology.
• Kaizen philosophy promotes continuous improvement in the day-to-day running of a business enterprise.
• It supports the implementation and recognitions of suggestions for improvement made by all the employees in the enterprise

Question 20

Explain the lessons learnt from the enterprise beliefs of united Arab emirates

Answer 20

• The UAE’s culture is rooted in Islamic traditions.
• UAE society is marked by high degree of tolerance for different lifestyles.
• When entering a meeting, general introductions will begin with handshakes.
• Avoiding shaking hands with a woman unless they extent their hand first.
• Business cards are common but not essential to emirate business culture.
• If you are intend to use business cards while in UAE ensure that the information is printed in both English and Arabic.
• People in the UAE prefer to do business in person and their word is final.
• They normally do what they say they will do so they do not need to sign a contract.
• Decisions are made by the highest ranking person.