Unit 1

Question 1

What is entrepreneurship?

Answer 1

dynamic & social process

individuals­ work alone or
in collaboration

identify opportunities for innovation
act upon these
transforming ideas *practical
*targeted activities

social,
cultural or } context
economic

Question 2

What is an Entrepreneur?

Answer 2

🌙innovative person
🌙creative
🌙sees a need/ opportunity
🌙forms an idea ­ supply for the need 
🌙transforms the idea ­- opportunity 
🌙takes a risk
🌙gets rewarded
🌙uses PLOC to manage an enterprise 
🌙starting a practical gainful activity

Question 3

Origin of Entrepreneurship:

5 Disciplines:

Answer 3

1. Economist Perspective
   innovation
   look for & explore new opportunities
2. Behavioural Perspective
   creative & innovative characteristics of entrepreneurs
3. Management Science Perspective
   what entrepreneurs do trainability of entrepreneurs
4. Social Perspective
   support needed by entrepreneurs
5. Entrepreneurial Perspective
   entrepreneurial activities competencies required to perform

Question 4

Benefits of entrepreneurship to SOCIETY:

Answer 4

🌿Donations ­ increased standard of living
🌿Sponsorships
🌿Scholarships ­ increase standard of education
🌿Welfare programmes
🌿Advisors to respective governments
🌿Employment creation ­ eradicate poverty ­
🌿Support for the economy ­ economic independence
🌿New & innovative products & services ­ healthy competition

Question 5

Benefits of Entrepreneurship to an INDIVIDUAL:

Answer 5

☁️flexibility
☁️job satisfaction 
☁️self­employment
☁️establishing a career
☁️improved standard of education

Question 6

Benefits of Entrepreneurship to the NATION:

Answer 6

🛸employment opportunities
🛸wider distribution of wealth 
🛸increased productivity 
🛸improved standard of education 
🛸eradication of poverty
🛸crime free environment 
🛸economic independence

Question 7

Economic importance of entrepreneurship:

Answer 7

☀️create businesses that employ people
☀️pay taxes
☀️create a demand for products ­- create jobs & other businesses
☀️introduce new technologies
☀️stimulate the economy by instilling confidence in people