Unit 1

Question 1

Are aware of the high degree risk involved in starting a business.

Answer 1

Risk Taker

Question 2

Welcome problems as opportunities or challenges. They come out with new product or business ideas usually derived from the problems.

Answer 2

Perceptive

Question 3

Entrepreneurs probe and discover how things work.

Answer 3

Curious

Question 4

Entrepreneurs are creative. They visualize solutions to problems and create new products. They have visions.

Answer 4

Imaginative

Question 5

Stick with their ideas until they are sure they tried everything to make the venture work.

Answer 5

Persistent

Question 6

Once goals are achieved, they develops new set of goals that often result in new business undertakings.

Answer 6

Goal-oriented

Question 7

Entrepreneurs see the challenges they are confronted with but never see it as a hindrance to their success.

Answer 7

Hardworking

Question 8

Successful entrepreneurs believe in their abilities and qualities. They also trust their judgement on different situations and circumstances.

Answer 8

Self-confidence

Question 9

Entrepreneurs are positive thinkers.

Answer 9

Optimistic

Question 10

Entrepreneurs are dedicated people.They have high regard for self discipline which is an important ingredient in concluding any task and in achieving one’s goals.

Answer 10

Commited

Question 11

Entrepreneurs have high spirit and enthusiasm at work.

Answer 11

High energy level

Question 12

Entrepreneurs are able to adapt with the changing trends.

Answer 12

Flexible

Question 13

Has high regard for good values and has sturdy moral beliefs.

Answer 13

Reliable and has integrity

Question 14

Name all 13 character traits of an Entrepreneur

Answer 14

Risktaker, perceptive, curious, imaginative, persistent, goal-oriented, hardworking, self-confident, optimistic, committed, high energy level, flexible, reliable and has integrity.

Question 15

They see job employment a form of economic slavery that’s why they create and start their own business to be able attain person autonomy and to influence other people .

Answer 15

The need for autonomy

Question 16

Most entrepreneurs create their own destiny by their own choices and actions.

Answer 16

A sense of personal destiny

Question 17

Entrepreneurs are initiative and resourceful. They enjoy doing personal business dealings and negotiating on something with any body.

Answer 17

Enterprising

Question 18

Seeks to improve themselves and aspire to become better in whatever things they do

Answer 18

A desire for personal growth

Question 19

Rely on their gut feeling to make decisions than they do on conscious analysis of a situation.

Answer 19

A highly developed intuition

Question 20

A true entrepreneur has the ability to recognize new business aspects

Answer 20

Opportunity seeking

Question 21

Do not surrender when circumstances go against their way. They do not see these as deterrent to attain their goals. They are not swayed by delays and obstructions.

Answer 21

Perseverance and determination

Question 22

Entrepreneurs view problems as a opportunity to discover and create better solutions.

Answer 22

Problem Solving

Question 23

Name the 8 characteristics of an entrepreneur

Answer 23

The need for autonomy, a sense of personal destiny, a desire for personal growth, A highly developed intuition, opportunity seeking, perseverance and determination, problem solving, enterprising

Question 24

PEC/ What entrepreneurs must have to handle the difficulties and challenges in business.

Answer 24

Personal Entrepreneurial Competencies

Question 25

Is always on the look out for chances to improve his business.

Answer 25

Opportunity-Seeking

Question 26

Even if they fail in a certain aspect of business due to wrong decisions an entrepreneur does not give up easily.

Answer 26

Persistence

Question 27

The moment an entrepreneur engages in business, they are already accepting the responsibilities that go with it.

Answer 27

Commitment

Question 28

Achievement Cluster

Answer 28

Opportunity seeking, persistence, commitment, risk-taking, demand for quality and efficiency

Question 29

Calculates the risk that goes into every business activity.

Answer 29

Risk-taking

Question 30

Acts to do things that meet or even exceed existing standards of excellence.

Answer 30

Demand for quality and efficiency

Question 31

Planning cluster

Answer 31

Goal setting, information seeking, systemic planning and monitoring

Question 32

Must establish specific, measurable, attainable, reliable, and time bound short-term objectives, as well as long term goals.

Answer 32

Goal-setting

Question 33

Personally seeks important data on clients including future competitors.

Answer 33

Information seeking

Question 34

Develops and applies a logical step-by-step plan to realize goals, assesses alternatives, monitors progress and shifts to other strategies which are necessary to achieve goals.

Answer 34

Systematic planning and monitoring

Question 35

Power cluster

Answer 35

Persuasion and networking, self-confidence

Question 36

Applies various strategies and techniques to sell his ideas to the business.

Answer 36

Persuasion and networking

Question 37

The entrepreneur has strong belief in themselves, in his own abilities and skills.

Answer 37

Self-confidence

Question 38

The selling of good or merchandise from a particular place such as a small shop or store, directly to the costumer.

Answer 38

Retail

Question 39

Refers to a location where buyers and sellers meet together.

Answer 39

Market

Question 40

A permanent location used for retail trade is called a

Answer 40

Shop or store trading

Question 41

Ordered online

Answer 41

Online Retail

Question 42

Refers to businesses that sell service instead of product. A person or business supplies a particular service.

Answer 42

Service business

Question 43

The exchanging of goods, service or both to benefit both parties involves in the trade. In the past the barter system was used now people use money.

Answer 43

Trade

Question 44

Involves the use of tools, equipment and labor to carry out different processing activities to produce goods.

Answer 44

Manufacturing