Chapter 2

Question 1

Define the term “entrepreneur.

Answer 1

An entrepreneur is a person who combines resources to create products or services for profit, driven by innovation, creativity, and risk-taking. They identify opportunities, mobilize resources, and bring about economic growth.

Question 2

What is entrepreneurship

Answer 2

Entrepreneurship is the process of identifying opportunities, taking calculated risks, and creating value through innovation. It involves starting, managing, and growing sustainable businesses to meet societal needs.

Question 3

Describe the roles of entrepreneurs in the economy.

Answer 3

• Drive economic growth and job creation.
• Innovate and improve products/services.
• Mobilize resources (financial, human, natural).
• Energize economies and foster competition.

Question 4

What are the key steps in the entrepreneurial process?

Answer 4

1. Identifying opportunities.
2. Gathering resources.
3. Developing a business model.
4. Launching and managing the venture.
5. Scaling/growing the business.

Question 5

List the different ways to enter the business world.

Answer 5

• Starting a new business.
• Buying an existing business.
• Franchising.
• Corporate entrepreneurship (intrapreneurship).

Question 6

What is a feasibility study, and why is it valuable?

Answer 6

Back: A feasibility study assesses the viability of a business idea by analyzing market demand, costs, and risks. It helps entrepreneurs make informed decisions and reduce failure rates.

Question 7

Name key traits of successful entrepreneurs

Answer 7

.
Back:
- Achievement motivation.
- Internal locus of control.
- Creativity and innovation.
- Risk tolerance (calculated risks).
- Propensity to “pay it forward.”

Question 8

How do entrepreneurial businesses differ from small businesses?

Answer 8

Back:
- Entrepreneurial businesses focus on growth, innovation, and scalability.
- Small businesses often prioritize lifestyle/income stability over expansion.

Question 9

How does Gen Z approach entrepreneurship?

Answer 9

Back:
- Digital-first (e-commerce, social media).
- Purpose-driven (sustainability, ethics).
- Side hustles and freelancing.
- Reliance on tech (AI, crowdfunding).