Podcast
Questions and Answers
What is the best reward for an entrepreneur?
What is the best reward for an entrepreneur?
- Public recognition
- Independence (correct)
- Financial gain
- Job security
What is the dynamic process of creating wealth by initiating and developing new ideas into business ventures?
What is the dynamic process of creating wealth by initiating and developing new ideas into business ventures?
- Entrepreneurship (correct)
- Management
- Intrapreneurship
- Leadership
What are the three main areas of skills required by an entrepreneur, according to Hisrich (1992)?
What are the three main areas of skills required by an entrepreneur, according to Hisrich (1992)?
- HR, Operations, Strategic Planning
- Technical, Business Management, Personal Entrepreneurial (correct)
- Technical, Marketing, Financial
- Leadership, Communication, Time Management
Who is an intrapreneur?
Who is an intrapreneur?
What is a necessary resource for entrepreneurship?
What is a necessary resource for entrepreneurship?
What is the outcome of entrepreneurship that involves the attendant risks and rewards?
What is the outcome of entrepreneurship that involves the attendant risks and rewards?
What is essential for recognizing and developing an opportunity?
What is essential for recognizing and developing an opportunity?
What is the primary focus of an entrepreneurial corporation?
What is the primary focus of an entrepreneurial corporation?
What is the last step in the entrepreneurship process?
What is the last step in the entrepreneurship process?
What is necessary for an individual to see an innovation through?
What is necessary for an individual to see an innovation through?
What is the result of managing the downstream realization of an opportunity?
What is the result of managing the downstream realization of an opportunity?
What is the role of an entrepreneur in an organization?
What is the role of an entrepreneur in an organization?
What is a sign of small business failure?
What is a sign of small business failure?
Which of the following is a reason for the failure of micro, small, and medium scale enterprises?
Which of the following is a reason for the failure of micro, small, and medium scale enterprises?
What happens when an entrepreneur overtrades and overborrows?
What happens when an entrepreneur overtrades and overborrows?
Why do some industrialists embark on big projects beyond their capabilities?
Why do some industrialists embark on big projects beyond their capabilities?
What is the result of inadequate preparation and wrong project identification?
What is the result of inadequate preparation and wrong project identification?
What is the consequence of neglecting a business?
What is the consequence of neglecting a business?
Where can entrepreneurs be found?
Where can entrepreneurs be found?
What is the primary focus of entrepreneurship from a business perspective?
What is the primary focus of entrepreneurship from a business perspective?
According to Shapero (1975), what are the key components of entrepreneurial behavior?
According to Shapero (1975), what are the key components of entrepreneurial behavior?
What is the core aspect of entrepreneurship according to Hisrich (2002)?
What is the core aspect of entrepreneurship according to Hisrich (2002)?
What is entrepreneurship viewed as from a managerial perspective?
What is entrepreneurship viewed as from a managerial perspective?
What is the outcome of entrepreneurship according to Ronstadt (1984)?
What is the outcome of entrepreneurship according to Ronstadt (1984)?
What is the primary objective of entrepreneurship?
What is the primary objective of entrepreneurship?
What is the term used to describe entrepreneurship within an existing organization?
What is the term used to describe entrepreneurship within an existing organization?
What is the process of making changes to something established by introducing something new?
What is the process of making changes to something established by introducing something new?
What is required to survive in an uncertain and turbulent business environment?
What is required to survive in an uncertain and turbulent business environment?
What is the outcome of entrepreneurship on a national level?
What is the outcome of entrepreneurship on a national level?
What is the focus of entrepreneurship?
What is the focus of entrepreneurship?
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Study Notes
What is Entrepreneurship?
- Entrepreneurship is a dynamic process of creating incremental wealth
- It involves creating something new with value by devoting necessary time and effort, assuming risks, and receiving rewards
- Emphasizes four basic aspects: creating something new, devoting necessary resources, taking risks, and receiving rewards
Characteristics of Entrepreneurs
- Initiators who provide direction to organizations and set objectives
- Viewed as a behavior that includes initiative-taking, organizing, and risk-taking
- Possess various skills, including technical, business management, and personal entrepreneurial skills
Entrepreneurship Process
- Recognizing and developing an opportunity
- Evaluating its desirability
- Marshalling resources needed to exploit it
- Possessing the will to see the innovation through
- Managing the launch
- Realizing the value of the opportunity
- Managing the entrepreneurial process
Reasons for Small Business Failure
- Declining sales
- Increasing trade debts
- Declining productivity
- Increasing labor turnover
- Declining returns on investment or profitability
- Incompetence or poor management
- Imbalanced experience of owner-managers
- Neglect or inadequate attention to the enterprise
- Disaster, bad luck, and poor health of owner
- Poor attitude to accounting and record keeping
- Overtrading and over-borrowing
- Illusion of starting a big company
- Wrong project identification, lack of feasibility study, and inadequate preparation
Intrapreneurship
- Entrepreneurship within an existing organization
- Involves creating something new with value within the organization
Innovation
- The process of making changes to something established by introducing something new
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