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Questions and Answers
Define entrepreneurship.
Define entrepreneurship.
Entrepreneurship is the process of starting and running one's own business, taking on financial risks to do so.
What is a subsidy?
What is a subsidy?
A subsidy is a financial support given by the government to help reduce the cost of products or services, often to encourage economic activities.
What does seed capital mean?
What does seed capital mean?
Seed capital is the initial funding used to start a business, often used for market research or product development.
Differentiate between invention and innovation.
Differentiate between invention and innovation.
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What is meant by entrepreneurship?
What is meant by entrepreneurship?
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State the need for incentives for enhancing entrepreneurship.
State the need for incentives for enhancing entrepreneurship.
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What is bridge finance?
What is bridge finance?
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What is an industrial estate?
What is an industrial estate?
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Examine the role of government in developing entrepreneurship.
Examine the role of government in developing entrepreneurship.
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What are the objectives of ED Clubs in educational institutions?
What are the objectives of ED Clubs in educational institutions?
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Summarise the services provided by business incubators.
Summarise the services provided by business incubators.
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What is a project report?
What is a project report?
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What is micro finance?
What is micro finance?
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Who is an intrapreneur?
Who is an intrapreneur?
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Study Notes
Entrepreneurship
- Entrepreneurship is the process of starting a new business, taking on financial risk, and creating a new product or service.
Subsidy
- A subsidy is a form of financial assistance provided by the government to businesses or individuals, often to encourage certain activities or make goods and services more affordable.
Seed Capital
- Seed capital is the initial funding provided to a new company or startup, usually provided by angel investors or venture capitalists. It is used to fund early development, research, and marketing.
Invention vs. Innovation
- Invention is the creation of something entirely new, while innovation is the improvement or modification of an existing product, process, or idea.
Need for Incentives for Entrepreneurship
- Incentives are necessary to encourage entrepreneurship by:
- Reducing financial risk: Subsidies, tax breaks, and grants reduce the initial financial investment.
- Creating a favorable business environment: Government policies and regulations can make it easier to start and run a business.
- Promoting research & development: Grants and tax incentives can help entrepreneurs develop innovative products and services.
- Enhancing access to funding: Government-backed loans and venture capital programs provide financial support for startups.
Bridge Finance
- Bridge finance is a short-term loan designed to help businesses transition from one source of funding to another. It typically covers the gap in funding during mergers, acquisitions, or periods of expansion.
Industrial Estate
- An industrial estate is a dedicated area set aside for industrial development, often populated by factories, warehouses, and other industrial businesses. It benefits from shared infrastructure and services, creating a concentrated hub for manufacturing and related activities.
Government's Role in Entrepreneurship
- Governments play a crucial role in fostering entrepreneurship by:
- Providing training and education: Developing programs to equip individuals with the skills and knowledge to start and run a successful business.
- Simplifying regulations: Reducing bureaucratic hurdles to make it easier to start and operate a business.
- Providing funding and support: Offering grants, loans, and other forms of financial assistance to support entrepreneurs.
- Creating an environment of innovation: Promoting research and development, and supporting the development of technology parks and incubators.
ED Clubs
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ED Clubs in educational institutions aim to:
- Promote entrepreneurial thinking: Instilling an entrepreneurial mindset among students, encouraging innovation, creativity, and problem-solving.
- Provide practical experience: Conducting workshops, guest lectures, and competitions to expose students to the real world of entrepreneurship.
- Connect students with resources: Facilitating access to mentors, funding sources, and other support systems for aspiring entrepreneurs.
Business Incubators
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Business Incubators provide services to support startups and small businesses, including:
- Physical space: Office space and common areas for entrepreneurs to work and collaborate.
- Mentorship: Guidance and support from experienced business professionals.
- Networking opportunities: Connecting entrepreneurs with investors, customers, and other businesses.
- Training and education: Workshops, seminars, and other resources to help entrepreneurs develop their skills.
- Access to funding: Connections to investors or assistance in securing loans and grants.
Project Report
- A project report is a comprehensive document outlining a business venture's goals, strategy, implementation plan, and projected outcomes. It serves as a blueprint for attracting investors and securing funding. It typically includes a detailed business plan, financial projections, market analysis, and management team profiles.
Microfinance
- Microfinance is the provision of financial services, such as loans, savings accounts, and insurance, to individuals who are traditionally underserved by traditional banks. This often includes low-income individuals, microentrepreneurs, and small businesses in developing countries.
Intrapreneur
- An intrapreneur is an employee who works within a large organization but acts like an entrepreneur. They identify opportunities, develop innovative solutions, and take calculated risks within the framework of their company. They are often encouraged to contribute creative ideas and take initiative to develop new products or services.
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Description
Test your understanding of fundamental concepts in entrepreneurship, including key terms like seed capital and innovation. This quiz will challenge you with questions related to business creation, financial support, and motivating factors for entrepreneurs.
