MNE2601 - Introduction to Entrepreneurship and Small business management verified Question and answers 2023 A+

Opportunity - MNE2601 An idea that is attractive, durable and timely and is anchored in a product or service that creates and adds value for the end user Entrepreneurship - MNE2601 The emergence and growth of a new business Entrepreneurial Success factors - MNE2601 - Passion - Locus of Control - Need for Independence - Need for Achievement - Risk taking and uncertainty - Creativity and innovation - Leadership - Good human relations - Positive Attitude - Determination and persistence - Persistent problem solving - Commitment Managerial Success factors - MNE2601 - Planning - Knowledge of competitors - Mainly market oriented - Client service - High-quality work - Financial insight and management - Business knowledge and skills - The use of experts Push factors (A necessity: an entrepreneur starts a business because there is no other alternative.) - MNE2601 - Unemployment - Job insecurity - Career limitations - Not fitting in with the organisation - Limitation of financial rewards in a conventional job - No other alternatives