Unit 1

Question 1

Define Entrepreneurship

Answer 1

Entrepreneurship 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

Origin of entrepreneurship

Answer 2

Economist perspective - as do to with bringing about different use of resources from traditional uses to new combinations

Behavioral perspective - looks at the physiological behavior of entrepreneurs

Management science perspective - the research focus on what entrepreneurs do and why they do it

Social perspective - it concentrates on the support needed by entrepreneurs

Entrepreneurial perspective - what are the entrepreneurial activities and what is required to perform them

Question 3

Benefits of entrepreneurship in society

Answer 3

Donations - entrepreneurs often donate money to charities to help improve the standard of living in a society

Scholarships - entrepreneurs give money to less privileged students for study

Sponsorship - entrepreneurs can choose to sponsor to people for ex funding a child’s orphanage

Question 4

Problems to entrepreneurship

Answer 4

Entrepreneurs can misuse natural resources and deplete them

Entrepreneurs can destroy the natural environment by cutting down tree and clearing land for construction projects

Question 5

A belief

Answer 5

is an acceptance that something is true or exists, especially without proof

Question 6

Common beliefs about enterprises

Answer 6

Starting a venture is risky and often ends in failure

Money is the most important start-up ingredient

Enterprises depend on luck

Question 7

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

Answer 7

It will require certain skills and characteristics which both males and females have

gender role don’t determine the success of an enterprise because both men and women do different types of work

Both men and women can succeed in business if well-trained

Question 8

Importance of apply positive beliefs in the enterprise:

Answer 8

positive beliefs will be passed on to employees and in turn productivity will increase

It encourages the entrepreneur not to give up but persevere

Question 9

Entrepreneur

Answer 9

an innovative and creative person that see an opportunity, forms an idea, transforms an idea and takes a risk by starting a business

Question 10

Explain the qualities of an entrepreneur

Answer 10

Risk-taking - willing to take risks in hope to succeed

Perseverance - ability to not give up easily

Independence - ability to make your own decisions

Creative - ability to come up with new ideas

Question 11

Implement strategies for developing and strengthening entrepreneurial qualities

Answer 11

Never stop learning - study the necessary knowledge, skills and attitudes of a successful entrepreneur

Start a small business- starting a small business can be a way to gain entrepreneurial experience

Network with other entrepreneurs - in order to get access to other business opportunities and you can learn from other entrepreneurs

Question 12

The role of entrepreneurship in Namibia

Answer 12

entrepreneurship can create jobs that will employ people

they contribute to the economic growth by paying taxes

Stimulate the economy by installing confidence in the people

Question 13

Model of entrepreneurship

Answer 13

are steps followed to establishing an enterprise

Question 14

Models of entrepreneurship

Answer 14

Idea generation - involves coming up with enterpneurial ideas

Research and Market research

Financing - this is the money needed to start an enterprise, expand an enterprise or take an enterprise out of a bad situation

Legal requirements - ensures the legal requirements of the country are met

Running the enterprise - involves the management activities

IRFLR

Question 15

Describe the link between entrepreneurship and a model of entrepreneurship

Answer 15

The model of entrepreneurship deals with the steps needed to establishing a venture, while entrepreneurship requires the model of entrepreneurship for a venture to be established

Question 16

Creativity

Answer 16

refers to the formulation of new ideas

Question 17

Identify and explain 4p model of creativity

Answer 17

Person - refers to the entrepreneur who started a venture

Process - techniques used to create

Product - direct result of the process, what is produced

Press - refers to the environment the person operates in

Question 18

Barries to creativity

Answer 18

refers to the blockade/ differences that eliminate creative possibilities

Question 19

Barriers to creativity

Answer 19

Environmental barriers - Uncomfortable working environments and distractions

Cultural barriers - can be formed as a result of social influences, experiences and pressures based on social and institutional norms. ex- in some cultures, women are not supposed to indulge in entrepreneurial activities

Social barriers - can be formed as a result of the social environment of an individual. ex-teenagers might feel pressured to dress a certain way due to peer groups

Perceptual barriers - are obstacles that prevent a problem-solver from foreseeing a problem ex- some people have habit of viewing things in a negative way

Question 20

Identify and explain techniques in enhancing creativity

Answer 20

Random input - a technique to stimulate creative thinking through the development of words and images

Problem reversal - a technique to stimulate creative thinking by consider the problem then doing the opposite

Association technique - a technique to stimulate creative thinking by linking related concepts, ideas and objects

Discountinuity principle - a technique to stimulate creativite think by forcing oneself to think out-of-the-box

The 5HWs technique (what, where, when, who and how) - a technique used to find the root of the problem in order to solve the problem

Question 21

Stages in the creative process

Answer 21

Generating interest and awareness - recognition of problems and curious to find out more

Preparation - development of ideas

Incubation - processing and reflecting on ideas

Insight - focus on the idea or solutions that will effectively address a situation

Verification - allows you to observe the advantages and disadvantages

GPIIV

Question 22

Describe opportunities for job creation

Answer 22

Learners at a school don’t not have transportation to school, so a business opportunity of a taxi can be taken

Question 23

Social entrepreneurship

Answer 23

refers to the practice of entrepreneurship involving human welfare ex- home of good hope (orphangge)

Question 24

Unemployment

Answer 24

refers to the percentage of the labour force that actively seeking for a job or jobless

Question 25

Explain unemployment as an opportunity for job creation

Answer 25

It is an opportunity for the government and private sector to create jobs

It creates an opportunity for unemployed people to create jobs that will employ other people

Question 26

Situations that can create entrepreneurial opportunities

Answer 26

Unemployment - unemployed people can create jobs that will generate income

Demands from customers - it can be an opportunity to start an enterprise to supply to customers needs

Question 27

Tendering

Answer 27

is the making of an offer/bid or proposal in response to an invitation or request

Question 28

Tendering as an opportunity for enterprise

Answer 28

Building relationships with potential customers - it is a good way of finding out about future tenders

Monitor websites, newspapers and social media as that were tenders are available