ENTREP: Introduction to Entrepreneurship
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Questions and Answers

What is a systematic innovation according to Peter Drucker?

  • A spontaneous idea for a new business
  • A reaction to changes in the market
  • A purposeful and organized search for changes (correct)
  • A random search for opportunities

Which type of entrepreneur typically starts a business using their own savings?

  • Founder or pure entrepreneur (correct)
  • Franchisee
  • Owner-Manager
  • Second Generation Operator

What motivates an Achiever type of entrepreneur?

  • Family support
  • Unemployment
  • Government policies
  • Personal drive to excel (correct)

What type of entrepreneur is involved in the manufacturing of a product?

<p>Industrial entrepreneur (D)</p> Signup and view all the answers

What is a characteristic of a Founder or pure entrepreneur?

<p>They conceptualize a business plan and put in effort to make it a reality (D)</p> Signup and view all the answers

What type of entrepreneur is involved in merchandising activities?

<p>Trading entrepreneur (A)</p> Signup and view all the answers

What is a characteristic of an Induced entrepreneur?

<p>They are motivated by government policies or family support (D)</p> Signup and view all the answers

What type of entrepreneur demonstrates innovative skills in organizing and managing?

<p>Corporate entrepreneur (D)</p> Signup and view all the answers

What type of entrepreneur started a business by innovative skills?

<p>First Generation entrepreneur (D)</p> Signup and view all the answers

What is an essential characteristic of an entrepreneur?

<p>Takes risks to make use of business opportunities (D)</p> Signup and view all the answers

Why is innovation important in entrepreneurship?

<p>To make business more efficient and profitable (D)</p> Signup and view all the answers

What is one of the rewards of being an entrepreneur?

<p>The wellbeing of consumers (D)</p> Signup and view all the answers

What is a risk of being an entrepreneur?

<p>Risk of failure (A)</p> Signup and view all the answers

How do entrepreneurs contribute to the economy?

<p>By earning profits that help the economy grow (A)</p> Signup and view all the answers

What is a result of entrepreneurship in a country?

<p>Non-dependence on imported products (A)</p> Signup and view all the answers

What is the role of entrepreneurship in job creation?

<p>Entrepreneurs provide jobs for others (B)</p> Signup and view all the answers

What is the process of entrepreneurship that involves innovating new methods?

<p>Infusing all resources to produce innovative products and services (A)</p> Signup and view all the answers

What is the primary objective of an entrepreneur who is categorized as an Achiever?

<p>To achieve personal growth and self-satisfaction (C)</p> Signup and view all the answers

What is the key characteristic of an entrepreneur who is classified as a Real Manager?

<p>Strong leadership and management skills (C)</p> Signup and view all the answers

What is the primary difference between a Founder and a Second Generation Operator?

<p>Role in the business's establishment (D)</p> Signup and view all the answers

What is a key benefit of being an entrepreneur according to the text?

<p>Opportunity to express creativity and gain self-satisfaction (D)</p> Signup and view all the answers

What motivates an entrepreneur who is classified as an Induced entrepreneur?

<p>Government policies and family support (B)</p> Signup and view all the answers

What is the primary role of a Franchisee in a business setup?

<p>Operates a business using a licensed trademark and method (C)</p> Signup and view all the answers

What is a characteristic of an entrepreneur categorized as an Industrial entrepreneur?

<p>Into manufacturing of a product (B)</p> Signup and view all the answers

What is a characteristic of an entrepreneur who is classified as an Owner-Manager?

<p>Buys a business from the founder and invests time and resources (C)</p> Signup and view all the answers

What is a key difference between a Corporate entrepreneur and an Agricultural entrepreneur?

<p>Industry or sector of operation (A)</p> Signup and view all the answers

What is a primary goal of an entrepreneur when running a business?

<p>To generate profit for the business (C)</p> Signup and view all the answers

What is a characteristic of an innovative entrepreneur?

<p>Innovates new methods to produce products and services (D)</p> Signup and view all the answers

How do entrepreneurs help the economy grow?

<p>By earning profits (B)</p> Signup and view all the answers

What is a benefit of entrepreneurship to the country?

<p>Non-dependence on imported products (C)</p> Signup and view all the answers

What is a key aspect of an entrepreneur's role in business?

<p>To plan and make business decisions (D)</p> Signup and view all the answers

What is a characteristic of a valuable product?

<p>It is cost-effective and solves a problem (B)</p> Signup and view all the answers

What is an outcome of entrepreneurship in a country?

<p>Stopping influx to urban areas (B)</p> Signup and view all the answers

What is a role of entrepreneurs in job creation?

<p>To provide jobs (B)</p> Signup and view all the answers

What is the primary goal of an entrepreneur when starting a new business?

<p>To innovate and solve problems (D)</p> Signup and view all the answers

What do entrepreneurs provide to the economy?

<p>Experience, work, goods and services, and profits (B)</p> Signup and view all the answers

What is a characteristic of a valuable product?

<p>It solves a problem and is cost-effective (C)</p> Signup and view all the answers

Why is entrepreneurship important to a country?

<p>It helps the economy grow, provides jobs, and offers goods and services (C)</p> Signup and view all the answers

What is an entrepreneur's role in business?

<p>To plan, organize, and manage a business (C)</p> Signup and view all the answers

What is a risk of being an entrepreneur?

<p>Risk of failure and unwanted responsibilities (D)</p> Signup and view all the answers

What do entrepreneurs do to make their businesses better?

<p>They innovate and find ways to make their businesses more efficient and profitable (D)</p> Signup and view all the answers

What is a reward of being an entrepreneur?

<p>Wellbeing of the consumer, and not always about money (A)</p> Signup and view all the answers

What is the primary goal of an entrepreneur who is classified as a First Generation Entrepreneur?

<p>To start a business using innovative skills (B)</p> Signup and view all the answers

What type of entrepreneur is more likely to inherit a business from their family?

<p>Second Generation Operator (A)</p> Signup and view all the answers

What is the primary difference between a Corporate entrepreneur and an Industrial entrepreneur?

<p>One demonstrates innovative skills in organizing and managing, while the other is involved in manufacturing (B)</p> Signup and view all the answers

What motivates an entrepreneur who is classified as a Real Achiever?

<p>Personal drive to excel (B)</p> Signup and view all the answers

What is the primary role of an Owner-Manager in a business setup?

<p>To invest time and resources in a business (A)</p> Signup and view all the answers

What type of entrepreneur is known for expressing creativity and gaining self-satisfaction?

<p>Founder or pure entrepreneur (A)</p> Signup and view all the answers

What is a characteristic of an entrepreneur who is classified as an Idea Generator?

<p>They generate new business ideas (B)</p> Signup and view all the answers

What is the primary reason why entrepreneurs are considered their own bosses?

<p>Because they are self-employed and make their own decisions (C)</p> Signup and view all the answers

What is a characteristic of entrepreneurship that involves innovating new methods?

<p>Systematic innovation (A)</p> Signup and view all the answers

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