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Entrepreneurship Basics

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Questions and Answers

What is the primary function of an entrepreneur in terms of driving innovation?

To create new markets based on existing demands
To invent new products and services to replace existing ones
To reduce competition by acquiring existing businesses
To test markets and uncover demands within individual markets (correct)

Which of the following is a risk-taking function of an entrepreneur?

Paying all the other factors of production in arrears
Avoiding investments in new markets
Sharing profits with all stakeholders
Paying all the other factors of production in advance (correct)

What is the organizing function of an entrepreneur?

Managing daily operations of the business
Forecasting market trends and demand
Bringinging together men, material, machine, money, etc. (correct)
Dividing tasks among team members

Which of the following is NOT a function of an entrepreneur?

Marketing (B) Signup and view all the answers

What is the primary reward for an entrepreneur taking a risk?

A potential handsome profit (B) Signup and view all the answers

What is the outcome of an entrepreneur's risk-taking function?

A potential profit or heavy loss (C) Signup and view all the answers

What is the primary objective of planning as a managerial function?

To accomplish the set objectives (A) Signup and view all the answers

Which of the following is a part of the organizing function of an entrepreneur?

Bringing together men, material, machine, money, etc. (A) Signup and view all the answers

What is the primary focus of the directing function of an entrepreneur?

Guiding and stimulating employees (B) Signup and view all the answers

What is the main purpose of controlling as a managerial function?

To compare actual performance with standard performance (B) Signup and view all the answers

What is the primary objective of the staffing function of an entrepreneur?

To prepare an inventory of personnel available (D) Signup and view all the answers

What is the term used to describe the process of identifying and selecting business ideas?

Opportunity scanning (C) Signup and view all the answers

What is the primary role of an entrepreneur in identifying an opportunity?

To sense the availability of business opportunities (A) Signup and view all the answers

What is a key aspect of entrepreneurship, where innovation and creativity are essential?

Identifying a new product or service (A) Signup and view all the answers

What is the primary purpose of an entrepreneur gathering resources?

To capitalise on a business opportunity (B) Signup and view all the answers

What is a key aspect of entrepreneurship that involves predicting and managing uncertainty?

Taking risks (D) Signup and view all the answers

What is the ultimate goal of an entrepreneur in creating and growing a business?

To create rewards (D) Signup and view all the answers

What is a critical function of an entrepreneur in managing a business?

Planning, organization, leadership, and control (C) Signup and view all the answers

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