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Questions and Answers
What is entrepreneurship primarily focused on?
How is entrepreneurship related to creativity?
What does an entrepreneur need to establish for their venture?
Why is risk-taking considered inherent in entrepreneurship?
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How does entrepreneurship contribute to an individual's standard of living?
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What role does an entrepreneur play in their self-owned enterprise?
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Which of the following is NOT a key factor affecting entrepreneurship?
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What does entrepreneurship aim to create for target buyers?
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'Development of Managerial Capabilities' underlines what benefit for an entrepreneur?
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'Means of Economic Development' indicates that entrepreneurship benefits not only individuals but also which wider aspect?
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Study Notes
Motive in Opening a Business
- Entrepreneurship is an art of correct practices, a wealth-creating venture that provides valuable goods and services.
- It involves opening and managing a self-owned enterprise, taking risks, and making decisions to achieve goals.
Entrepreneurial Skills
- Marketing Skills: introducing products to customers.
- Sales Skills: converting prospects into paying customers.
- Finance Skills: strategizing to create income over losses.
- Planning Skills: setting goals and planning to achieve them.
- Basic Management Skills: providing suitable and effective solutions.
- Leadership Skills: leading people effectively.
- Communication Skills: interacting with different people.
Salient Features of Entrepreneurship
- It is an art of correct practices.
- It is a wealth-creating venture.
- It provides valuable goods and services.
- It entails opening and managing a self-owned enterprise.
- It is a risk-taking venture.
Rewards in Business
- Opportunity to stretch and use capacity and creativity.
- Opportunity to help others through social enterprise and job creation.
- Building an entrepreneurial legacy.
Risks in Business
- Possibility of failure and facing challenges.
- Unpredictable state in the industry, requiring adaptability.
Relevance of Entrepreneurship to an Organization
- Development of managerial capabilities.
- Creation of organizations.
- Improving standard of living.
- Means of economic development.
Factors Affecting Entrepreneurship
- Personality Factors.
- Environmental Factors.
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Description
Test your knowledge on entrepreneurial skills and business planning with this quiz covering topics like motive in opening a business, perception of risk, marketing skills, and more. Explore your understanding of developing a vision, sources of funds, and reacting to changes in the business environment.
