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Entrepreneurial Traits and Skills

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Questions and Answers

What level of risk should an entrepreneur be comfortable with?

No risk at all

Low risk with no chance of failure

Moderate risk that is exciting but has a reasonable chance to win (correct)

High risk for the thrill of it

Why is maintaining secrecy important for an entrepreneur?

To show off how much they know

To share all business secrets with competitors

To safeguard business secrets from competitors and prevent downfall (correct)

To gain more publicity for the business

What role do public relations play in the success of an entrepreneur?

Only relations with employees matter

They have no impact on success

Only relations with creditors and suppliers matter

Cordial relations with customers, employees, suppliers, and community are vital for success (correct)

Which skill is considered a secret of success for most entrepreneurs?

Communication skills Signup and view all the answers

What does the text say about entrepreneurs' leadership abilities?

Entrepreneurs are skilled at leading themselves and others Signup and view all the answers

Why should an entrepreneur avoid assuming high risks?

Because high risks can lead to failure Signup and view all the answers

What is the term used to describe individuals who seek out information, ask questions, and do personal reading and research to gain knowledge outside of formal classroom settings?

Autodidactic learners Signup and view all the answers

According to Max Weber, which religion encouraged a culture that emphasized qualities like individualism, achievement motivation, and rationality that are conducive to entrepreneurship?

Protestantism Signup and view all the answers

In the context of business, why is an organization's culture considered more relevant than ever according to Tjaart Minnaar?

To ensure sound risk and performance management Signup and view all the answers

What does entrepreneurial culture aim to enable according to the text?

Democratization of the capacity to create and manage towards wealth creation Signup and view all the answers

What does culture refer to in the context of entrepreneurship according to the text?

Entrepreneurial norms, values, and beliefs shared by a community Signup and view all the answers

How do autodidactic learners differ from traditional learners based on the text?

Autodidactic learners learn outside formal classroom settings through personal effort Signup and view all the answers