51 Questions
What is a systematic innovation according to Peter Drucker?
A purposeful and organized search for changes
Which type of entrepreneur typically starts a business using their own savings?
Founder or pure entrepreneur
What motivates an Achiever type of entrepreneur?
Personal drive to excel
What type of entrepreneur is involved in the manufacturing of a product?
Industrial entrepreneur
What is a characteristic of a Founder or pure entrepreneur?
They conceptualize a business plan and put in effort to make it a reality
What type of entrepreneur is involved in merchandising activities?
Trading entrepreneur
What is a characteristic of an Induced entrepreneur?
They are motivated by government policies or family support
What type of entrepreneur demonstrates innovative skills in organizing and managing?
Corporate entrepreneur
What type of entrepreneur started a business by innovative skills?
First Generation entrepreneur
What is an essential characteristic of an entrepreneur?
Takes risks to make use of business opportunities
Why is innovation important in entrepreneurship?
To make business more efficient and profitable
What is one of the rewards of being an entrepreneur?
The wellbeing of consumers
What is a risk of being an entrepreneur?
Risk of failure
How do entrepreneurs contribute to the economy?
By earning profits that help the economy grow
What is a result of entrepreneurship in a country?
Non-dependence on imported products
What is the role of entrepreneurship in job creation?
Entrepreneurs provide jobs for others
What is the process of entrepreneurship that involves innovating new methods?
Infusing all resources to produce innovative products and services
What is the primary objective of an entrepreneur who is categorized as an Achiever?
To achieve personal growth and self-satisfaction
What is the key characteristic of an entrepreneur who is classified as a Real Manager?
Strong leadership and management skills
What is the primary difference between a Founder and a Second Generation Operator?
Role in the business's establishment
What is a key benefit of being an entrepreneur according to the text?
Opportunity to express creativity and gain self-satisfaction
What motivates an entrepreneur who is classified as an Induced entrepreneur?
Government policies and family support
What is the primary role of a Franchisee in a business setup?
Operates a business using a licensed trademark and method
What is a characteristic of an entrepreneur categorized as an Industrial entrepreneur?
Into manufacturing of a product
What is a characteristic of an entrepreneur who is classified as an Owner-Manager?
Buys a business from the founder and invests time and resources
What is a key difference between a Corporate entrepreneur and an Agricultural entrepreneur?
Industry or sector of operation
What is a primary goal of an entrepreneur when running a business?
To generate profit for the business
What is a characteristic of an innovative entrepreneur?
Innovates new methods to produce products and services
How do entrepreneurs help the economy grow?
By earning profits
What is a benefit of entrepreneurship to the country?
Non-dependence on imported products
What is a key aspect of an entrepreneur's role in business?
To plan and make business decisions
What is a characteristic of a valuable product?
It is cost-effective and solves a problem
What is an outcome of entrepreneurship in a country?
Stopping influx to urban areas
What is a role of entrepreneurs in job creation?
To provide jobs
What is the primary goal of an entrepreneur when starting a new business?
To innovate and solve problems
What do entrepreneurs provide to the economy?
Experience, work, goods and services, and profits
What is a characteristic of a valuable product?
It solves a problem and is cost-effective
Why is entrepreneurship important to a country?
It helps the economy grow, provides jobs, and offers goods and services
What is an entrepreneur's role in business?
To plan, organize, and manage a business
What is a risk of being an entrepreneur?
Risk of failure and unwanted responsibilities
What do entrepreneurs do to make their businesses better?
They innovate and find ways to make their businesses more efficient and profitable
What is a reward of being an entrepreneur?
Wellbeing of the consumer, and not always about money
What is the primary goal of an entrepreneur who is classified as a First Generation Entrepreneur?
To start a business using innovative skills
What type of entrepreneur is more likely to inherit a business from their family?
Second Generation Operator
What is the primary difference between a Corporate entrepreneur and an Industrial entrepreneur?
One demonstrates innovative skills in organizing and managing, while the other is involved in manufacturing
What motivates an entrepreneur who is classified as a Real Achiever?
Personal drive to excel
What is the primary role of an Owner-Manager in a business setup?
To invest time and resources in a business
What type of entrepreneur is known for expressing creativity and gaining self-satisfaction?
Founder or pure entrepreneur
What is a characteristic of an entrepreneur who is classified as an Idea Generator?
They generate new business ideas
What is the primary reason why entrepreneurs are considered their own bosses?
Because they are self-employed and make their own decisions
What is a characteristic of entrepreneurship that involves innovating new methods?
Systematic innovation
Learn about the role of entrepreneurs in planning, organizing, and running a business. Discover how they identify opportunities, take risks, and create valuable products that solve problems cost-effectively.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
