Entrepreneurship: First Quiz

The work of an entrepreneur involves the use of managerial skills which he/she develops while planning, organizing, staffing, directing, controlling and coordinating the activities of business.

Development of management skills

An entrepreneur studies a problem, identifies its alternatives, compares the alternatives in terms of cost and benefit implication, and finally chooses the best alternatives.

Development of managerial capabilities

are entirely new approaches.

Disruptive innovations

is "a person who lives on the labor of others". ————— entrepreneurs are those individuals who are satisfied with the existing mode and speed of business activity and show no inclination in gaining market leadership.

Drone entrepreneurs

Entrepreneurship helps in making a wide variety of goods and services available to the society which results into higher standard of living for the people.

Improving standard of living

are a number of small changes that transform process flows.

Incremental innovations

does things before being asked

Initiative

An entrepreneur is basically an innovator who tries to develop new technology, products and market.

Innovation

it compels an individual to continuously evaluate the existing modes of business operations so that more efficient and effective systems can be evolved and adopted.

Innovation

These entrepreneurs have the ability to think newer, better and more economical ideas of business organization and management.

Innovative entrepreneurs

When entrepreneurship describes activities within a firm or large organization.

Intrapreneurship

An entrepreneur always first tries new ideas at his/her level.

Overcoming resistance to change

works against all odds to overcome obstacles and is never complement with success.

Perseverance

convinces customers and financiers to patronize his business.

Persuasion

identifies and utilizes opportunities

Proactive

develops and maintain relationship with customers and financers; conceives new ideas and introduces innovative solutions

Problem-solver

is the level of return or compensation to the entrepreneur for taking on the risk of developing an idea into an actual business venture.

Profit potential

College graduates who had courses that cover operations management, leadership and a variety of others, and those with entrepreneurship degree, most likely have a keen sense of what type of person is needed to fill in a position.

Recruiter

An entrepreneur is a practical dreamer and does a lot of ground work before taking a leap in his/her ventures.

Research

A good qualification to work in R&D is a training and education on understanding of business concepts, procedures, and practices and entrepreneurship.

Research and development

RELEVANCE OF ENTREPRENEURSHIP TO AN ORGANIZATION (4)

1. Development of managerial capabilities 2. Creation of Organization 3. Improving standard of living 4. Means of economic development

CORE COMPETENCIES IN ENTREPRENEURSHIP (4)

1. ECONOMIC AND DYNAMIC ACTIVITY 2. INNOVATION 3. PROFIT POTENTIAL 4. RISK BEARING

Those with entrepreneurship degree are qualified to teach the core subjects in Senior High School and teach students the entrepreneurial skills.

Teacher

9 Personality factors affecting entrepreneurship

1. Initiative 2. Proactive 3. Perseverance 4. Problem-solver 5. Persuasion 6. Self-confidence 7. Self-critical 8. A planner 9. Risk-taker

FUNCTIONS OF AN ENTREPRENEUR (6)

1. Innovation 2. Assumption of risk 3. Research 4. Development of management skills 5. Overcoming resistance to change 6. Catalyst of economic development

TYPES OF ENTREPRENEURS (5)

1. Innovative entrepreneurs 2. Imitating entrepreneurs 3. Fabian entrepreneurs 4. Drone entrepreneurs 5. Social entrepreneurs

CAREER OPPORTUNITIES FOR ENTREPRENEURSHIP GRADUATES (8)

1. Mid-level management 2. Business consultant 3. Sales 4. Research and development 5. Non-profit fundraiser 6. Teacher 7. Recruiter 8. Business reporter

FACTORS AFFECTING ENTREPRENEURSHIP (2)

1. Personality factors 2. Environmental factors

collects information, prepares a plan, and monitors performance

A planner

Is a risk taker and not a risk shirker. He/She is always prepared for assuming losses that may arise on account of new ideas and projects undertaken by him/her.

Assumption of risk

Businesses today need consultants who can go to a client site, identify problems and fix them.

Business consultant

Entrepreneurship graduates can write articles, or pick up a quick class to learn how to write article.

Business reporter

An entrepreneur plays an important role in accelerating the pace of economic development of a country by discovering new uses of available resources and maximizing their utilization.

Catalyst of economic development

Entrepreneurship results in the _____________________ when entrepreneurs assemble and coordinate physical, human and financial resources and direct them towards achievements of objectives through managerial skills.

Creation of Organization

it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of scarce resources.

Economic and dynamic activity

These entrepreneurs are people who follow the path shown by innovative entrepreneurs.

Imitating entrepreneurs

such as political climate, legal system, economic and social conditions and market situations, contribute significantly towards the growth of entrepreneurship.

Environmental factors

These types of entrepreneurs are skeptical about the changes to be made in the organization.

Fabian entrepreneurs

Entrepreneurship involves creation and use of innovative ideas, maximization of output from given resources, and development of managerial skills.

Means of Economic Development

At big companies, the C-level folks develop ideas, the ground force does the work, and ________________ converts the idea into execution.

Mid-level management

Being able to raise funds requires understanding the importance of business and networking relationships.

Non-profit fundraiser

the essence of entrepreneurship is the willingness to assume risk arising from the creation and implementation of new ideas

Risk bearing

is willing to take calculated risks

Risk-taker

Entrepreneurship graduates can work in _____ or run the department of any businesses.

Sales

makes decisions and sticks to his decisions

Self-confidence

learns from his mistakes and from experiences of others

Self-critical

drive social innovation and transformation in various fields including education, health, human rights, workers', rights, environment and enterprise development.

Social entrepreneurs