Lesson 1

Question 1

It is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.

Answer 1

Entrepreneurship

Question 2

A person who organizes, operates and assumes the risk of a business venture.

Answer 2

Entrepreneur

Question 3

A person who strongly advocates and correctly practices the concepts and principles of entrepreneurship in operating and managing the self owned business venture

Answer 3

Entrepreneur

Question 4

Implementing new ideas, creating dynamic products or improving your existing services. It can increase the likelihood of your business succeeding.

Answer 4

Innovation

Question 5

Refers to a business or enterprise that correctly adopts and practices the principles of entrepreneurship.
It is owned by one person with a limited workforce of not more than 20 persons.

Answer 5

Small Business

Question 6

Pertains to a business enterprise managed and operated by an owner who is not an advocate of and does not practice the concepts and principles of entrepreneurship.

Answer 6

Ordinary Small Business

Question 7

It is the amount of earnings that exceed expenses for the period. In other words, it’s the amount of income left over after all the necessary and matched expenses
are subtracted for the period.

Answer 7

Profit or Financial Gain

Question 8

A large sum of money which you use to start a business, or
which you invest in.

Answer 8

Capital

Question 9

This is vital to any business. It is the key process of researching, promoting and selling products or services to your target market. It is important that you use marketing to promote your business, brand and offerings.

Answer 9

Marketing

Question 10

Marketing is part of entrepreneurial venture because:

Answer 10

Sales, Trust, Awareness

Question 11

The value of Entrepreneurship in a country

Answer 11

Increase of Employment, Productivity and Growth, Improves Standard of Living