Entrepreneurship Study Set Exam Question and Answers

Entrepreneurship Study Set Exam Question and Answers Entrepreneur Answer: comes from the French word "entreprende" which means to undertake Joseph Schumpeter Answer: theory of economic development Theory of economic development Answer: through business ventures, entrepreneurs introduce to market, innovations in the for m of new products, new processes, new markets and new organizations Entrepreneurs Answer: individuals who have generated substantial value and profits from innovations in a very short period of time Mega Entrepreneurs Answer: these individuals are also w illing to absorb huge risks using enormous amounts of capital in their business ventures Mega Entrepreneurs Answer: these entrepreneurship were cited as having contributed much to the economy progress of the developed countries in the west Developing countries Answer: another type of entrepreneur can be found in? Micro entrepreneurs Answer: they are short in funds and inadequate in skills, they cannot undertake projects that involve huge capital, sophisticated technology, and extensive risks Micro entre preneurs Answer: they engage in small businesses, they nevertheless contribute to inclusive growth Peter drucker Answer: innovation and entrepreneurship Innovation and entrepreneurship Answer: emphasized the "discipline" in the process of managing a business Entrepreneurial process Answer: involves several stages from the awareness of an opportunity to the realization of a business idea Steps in entrepreneurial process Answer: discover y, development of concept, organizing resources, implementation, reaping the returns Discovery Answer: refers to the recognition of a business idea or the detection of opportunities that could make money for the entrepreneur Development of a business con cept Answer: it gives more details on how the general business idea can be realize, it suggests the preparation of a business plan Organizing resources Answer: describes the process of identifying, sourcing, and financing human, non human and other resour ces needed for the conduct of a business Implementation Answer: process of carrying out the business plan Reaping the returns Answer: pertains to strategies related to the expansion of the business firm Entrepreneurial ventures Answer: are very dynamic Entrepreneurial traits and creation of value added Answer: the characteristics of an entrepreneur will vary depending on whether they are in the developed countries pursuing Schumpeterian entrepreneurship or in developing countries operating small enterpr ises Level of education Answer: studies have shown that entrepreneurs need some formal education to be able to seize the opportunities presented by inventions, innovations, and other technological developments Employment status Answer: individuals who become entrepreneurs in developed countries are usually former employees of companies in the formal sector Entrepreneur's wealth Answer: the wealth of entrepreneur is also an important factor Risk appetite Answer: are associated w ith uncertainties in business operation Entrepreneurial traits and entrepreneurial intentions Answer: every individual who sets up a business venture started out by intending to do so Entrepreneurial intentions Answer: are planned actions formulated in t he mind of individuals which are geared toward the objective of establishing a business venture from potential business opportunities