Entrepreneurship

Question 1

A process that commenced with providing service in a feudalistic society. It is a creative wag of supplying the needs of consumer with benefit profit give and take

Answer 1

Entrepreneurship

Question 2

One who organizes, manages, and assumes the risk of business or enterprise

Answer 2

Entrepreneur

Question 3

The word which entrepreneurship originated that means to “to undertake.”

Answer 3

Entreprende

Question 4

He defined entrepreneurship as a “go-between” or “between-taker.”

Answer 4

Marco Polo

Question 5

The entrepreneur differs from the manager or small business owner, not so much on goals or in activities, but in approach in doing his business

Answer 5

Camposano

Question 6

The growth orientation can be measured in terms of owner’s intention when starting a business, their propensity for fostering the firm’s growth, or their initiation of strategic plans designed to promote growth in the firm

Answer 6

Hisrich and Peters

Question 7

Pointed out that the entrepreneurship is a dynamic process of innovation and new-venture creation through five major dimensions- individuals, organization, environment, process and institutions

Answer 7

Albert Shapero

Question 8

8 Socio-Economic Benefits from entrepreneurship

Answer 8

• Promotes self-help and unemployment
• Mobilizes capital
• Provides taxes to the economy
• Empower individuals
• Enhance national identity and pride
• Enhance competitive consciousness
• Improves quality of life
• Enhances equitable distribution of income and wealth

Question 9

He knows who he is, what he is good at, and what he likes to do

Answer 9

Self-awareness

Question 10

One of the most important personality traits of successful entrepreneurs. This is the characteristic that gets him going and keeps him moving when he is in business

Answer 10

Self-motivated

Question 11

The willingness to take risks is a valuable trait when striving for success

Answer 11

Courage

Question 12

One of the most appealing traits he exhibits to prospective clients, for it lets them know that they will be getting the best their money can buy

Answer 12

Confidence

Question 13

They think of success and bright sides

Answer 13

Positive thinkers

Question 14

When one owns his business, there will be times when he feels like the roof is craving in, especially when the suppliers seem to be taking their own sweet time in fulfilling an important order or when a customer’s demands seems to be unrealistic

Answer 14

Patience

Question 15

Business has been described as a process of making one fast decision after another. One should go with his intuition and trust that he is doing the right thing

Answer 15

Decisiveness

Question 16

A primary reason some businesses fall within a few years of start-up is lack of business experience

Answer 16

Experience

Question 17

One had a better chance of succeeding by knowing, as much as possible, about factors, such as business basics, the product or service that he want to sell, the industry he is entering, his competition, and the local, the regional, state and/or national markets

Answer 17

Knowledge

Question 18

The entrepreneur continuously seeks for relevant information regarding the market, clients, suppliers and competitors, and consults experts’ advice on business and other technical matters

Answer 18

Information-seeking

Question 19

One must be willing to persevere during the rough times, to hang in there during the slow periods, and to maintain ones’ belief in your product or service, even when it seems no one else in the world knows one exists

Answer 19

Perseverance

Question 20

One must believe in his goal and be determined to succeed. The successful businessperson does not view obstacles or stumbling blocks as problems, but rather as challenges

Answer 20

Drive

Question 21

They prefer tasks, which provides them some challenges. However, the risk they take are “calculated”

Answer 21

Risk-taking

Question 22

Entrepreneurs do things in new and different ways

Answer 22

Innovative

Question 23

Entrepreneur does not merely spot opportunities to set up a business, but more importantly, act on these opportunities like actually setting up the business

Answer 23

Opportunity-seeking

Question 24

General dissatisfaction of a group and manifest in violent forms of behavior

Answer 24

Social rest

Question 25

Gov and non-gov and private sectors

Answer 25

Social services

Question 26

A process to increase the level of production in economy

Answer 26

Economic development

Question 27

A product of economic development. It increase in the real output of the country in particular span of time

Answer 27

Economic growth

Question 28

Explains that the government should not interfere in economic activities. It is also called as “let alone policy”

Answer 28

Laissez-faire theory

Question 29

Explains that the government should play the key role in economic development. It increase in expenditures and lower taxes to stimulate demand and pull the global economy out of depression

Answer 29

Keynesian theory

Question 30

This is the theory of David Ricardo focusing on agriculture playing the major role in economic development

Answer 30

Ricardian theory

Question 31

Conceptualized by sir Harrod of England and Prof. Domar of the US, claims that more products can be produced through the use of machines

Answer 31

Harrod-Domar Theory

Question 32

This theory explains that the application of modern technology in the production of goods and services has been responsible for the economic success of the highly developed countries

Answer 32

Kaldor Theory

Question 33

Developed by Joseph Schumpeter, stresses the role of innovators or entrepreneurs in economic development

Answer 33

Innovation theory

Question 34

3 Contributions of Entrepreneurship

Answer 34

• Development of new markets
• Discovery of new sources of materials
• Mobilization of capital resources