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What does Aruwa (2006) define entrepreneurship as?
What does Aruwa (2006) define entrepreneurship as?
Which scholar views entrepreneurship as the creation of new organizations?
Which scholar views entrepreneurship as the creation of new organizations?
What is a common element in the definitions of entrepreneurship provided?
What is a common element in the definitions of entrepreneurship provided?
How does Nwachukwu (1990) define the process of entrepreneurship?
How does Nwachukwu (1990) define the process of entrepreneurship?
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What key aspect is emphasized in the broader perspective of entrepreneurship?
What key aspect is emphasized in the broader perspective of entrepreneurship?
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What role does risk-taking play in entrepreneurship?
What role does risk-taking play in entrepreneurship?
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According to Schumpeter (1934), entrepreneurship benefits the entrepreneur's welfare through which function?
According to Schumpeter (1934), entrepreneurship benefits the entrepreneur's welfare through which function?
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Which activity is NOT typically considered as part of entrepreneurship?
Which activity is NOT typically considered as part of entrepreneurship?
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Leibenstein defines entrepreneurship as activities necessary to create or operate an enterprise in what kind of markets?
Leibenstein defines entrepreneurship as activities necessary to create or operate an enterprise in what kind of markets?
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What does the term entrepreneur fundamentally mean?
What does the term entrepreneur fundamentally mean?
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Who is credited with introducing the concept of the entrepreneur in 1755?
Who is credited with introducing the concept of the entrepreneur in 1755?
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Which crop was NOT cultivated in Nigeria during the pre-colonial era?
Which crop was NOT cultivated in Nigeria during the pre-colonial era?
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What was a major challenge faced by Nigerian entrepreneurs during the colonial era?
What was a major challenge faced by Nigerian entrepreneurs during the colonial era?
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What act was introduced in 1977 to promote indigenous entrepreneurship in Nigeria?
What act was introduced in 1977 to promote indigenous entrepreneurship in Nigeria?
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What is Schumpeter's view of entrepreneurs?
What is Schumpeter's view of entrepreneurs?
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What did the colonial administration prioritize over indigenous entrepreneurship?
What did the colonial administration prioritize over indigenous entrepreneurship?
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According to Shane and Venkataraman, what do entrepreneurs do?
According to Shane and Venkataraman, what do entrepreneurs do?
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What characteristic do Hisrich and Peters associate with successful entrepreneurs?
What characteristic do Hisrich and Peters associate with successful entrepreneurs?
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How does Kirzner define the role of an entrepreneur?
How does Kirzner define the role of an entrepreneur?
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What does Casson emphasize about entrepreneurs?
What does Casson emphasize about entrepreneurs?
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How does Gartner characterize entrepreneurs?
How does Gartner characterize entrepreneurs?
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What defines an intrapreneur according to Jones, George, and Hill?
What defines an intrapreneur according to Jones, George, and Hill?
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What term did Pinchot coin to describe innovative employees within organizations?
What term did Pinchot coin to describe innovative employees within organizations?
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What does intrapreneurship involve within established organizations?
What does intrapreneurship involve within established organizations?
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Which aspect is NOT typically associated with entrepreneurs?
Which aspect is NOT typically associated with entrepreneurs?
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What is one primary characteristic of an entrepreneur according to Di-Masi?
What is one primary characteristic of an entrepreneur according to Di-Masi?
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Which definition best captures an entrepreneur according to Wikipedia?
Which definition best captures an entrepreneur according to Wikipedia?
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What does Scarborough (2013) say is a key aim of entrepreneurs?
What does Scarborough (2013) say is a key aim of entrepreneurs?
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What role do entrepreneurs play in economic development according to the content?
What role do entrepreneurs play in economic development according to the content?
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How does Bagby (1998) characterize entrepreneurs?
How does Bagby (1998) characterize entrepreneurs?
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According to Eze (2010), what is essential for an entrepreneur?
According to Eze (2010), what is essential for an entrepreneur?
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What aspect of entrepreneurship involves strategic management activities?
What aspect of entrepreneurship involves strategic management activities?
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Which term best describes an entrepreneur's approach to market changes according to Knight (1921)?
Which term best describes an entrepreneur's approach to market changes according to Knight (1921)?
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What is a significant outcome of entrepreneurship as per Stoner et al. (2009)?
What is a significant outcome of entrepreneurship as per Stoner et al. (2009)?
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What is the primary focus of intrapreneurship?
What is the primary focus of intrapreneurship?
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How do intrapreneurs differ from entrepreneurs?
How do intrapreneurs differ from entrepreneurs?
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What does the term 'entrepreneur' originate from?
What does the term 'entrepreneur' originate from?
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Who is credited with first using the term 'Entreprendre'?
Who is credited with first using the term 'Entreprendre'?
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What was the original definition of 'entrepreneur' adopted by the Oxford English Dictionary?
What was the original definition of 'entrepreneur' adopted by the Oxford English Dictionary?
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What does intrapreneurship enable organizations to do?
What does intrapreneurship enable organizations to do?
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What role does risk play in entrepreneurship compared to intrapreneurship?
What role does risk play in entrepreneurship compared to intrapreneurship?
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What was J.B. Say's contribution to the concept of entrepreneurship?
What was J.B. Say's contribution to the concept of entrepreneurship?
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What concept highlights the benefits of empowering employees within an organization?
What concept highlights the benefits of empowering employees within an organization?
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What is one way intrapreneurs contribute to their organizations?
What is one way intrapreneurs contribute to their organizations?
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Study Notes
Meaning of Entrepreneurship
- Multiple, evolving definitions of entrepreneurship exist, lacking universal consensus.
- Definitions encompass opportunity seeking, enterprise establishment and operation, market identification, new organization creation, resource combination, and opportunity exploitation.
- Key aspects include risk-taking, team building, resource management, planning, and vision.
- Broader perspectives highlight opportunity pursuit regardless of resources, innovative functions for welfare improvement, idea-to-business transformation, and dynamic processes of vision, change, and creation.
- It involves purposeful activity to profit from goods and services, resource combination for new products or services, resource mobilization to meet customer needs, seizing lucrative opportunities, and strategic management activities for value creation and economic development.
Who is an Entrepreneur?
- Entrepreneurs identify market opportunities and possess the motivation and ability to mobilize resources.
- They own and assume significant accountability for new ventures or ideas.
- They attempt to predict and act upon market changes.
- They undertake the conception, organization, and management of ventures seeking profit.
- They transform ideas into viable businesses.
- They own and operate their own businesses, utilizing instability or lack to create new products or services.
- They establish new businesses facing risk and uncertainty, aiming for profit and growth.
- They are characterized by creativity, innovation, and opportunity exploitation.
- Different perspectives highlight their roles as innovators, opportunity exploiters, visionaries, resource allocators, navigators of uncertainty, and pioneers entering new markets.
Intrapreneurs/Corporate Entrepreneurship
- Intrapreneurs, or corporate entrepreneurs, exhibit entrepreneurial behavior within established organizations.
- They identify and exploit business opportunities within the organization, demonstrating visionary leadership.
- They oversee product development processes, securing resources and initiating projects.
- Intrapreneurship fosters an entrepreneurial mindset and activities within organizations, empowering employees to pursue innovative projects for organizational growth.
- It enables adaptation to change, opportunity seizing, and competitive advantage.
How Entrepreneurs Differ From Intrapreneurs
- Entrepreneurs create new ventures independently, assuming all risks and responsibilities.
- Intrapreneurs innovate within existing organizations, leveraging organizational resources and structure, typically with less risk and autonomy than entrepreneurs.
- The core difference lies in the context and scope: entrepreneurs create independently, intrapreneurs innovate within established structures.
Entrepreneurship – Origin
- The term originates from the French "entreprendre," meaning "to undertake."
- Richard Cantillon's early usage (1755) described an economic agent coordinating inputs with uncertain sales prices.
- J.B. Say's refined analysis (1821) identified the entrepreneur as a novel economic phenomenon.
- The Oxford English Dictionary (1897) formally adopted the term, initially associating it with musical institution management.
- The core concept relates to undertaking business ventures.
The Development of Entrepreneurship in Nigeria
- Pre-Colonial Era: A thriving entrepreneurial culture existed, with indigenous people engaging in farming (cotton, groundnuts, cocoa, etc.) and crafts (pottery, smithing, dyeing, etc.).
- Colonial Era: Challenges arose due to colonial policies that relegated Nigerians to intermediaries for colonial masters, hindering local industry development. Lack of resources and competition from foreign products also played a role.
- Post-Colonial Era: Policies and initiatives were introduced to promote indigenous entrepreneurship, including the Nigerian Enterprise Promotional Act of 1977, reserving certain industries for Nigerians.
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Description
This quiz explores the diverse definitions and key aspects of entrepreneurship. It highlights the role of entrepreneurs in identifying market opportunities, risk-taking, resource management, and value creation. Test your understanding of the fundamental principles that underpin entrepreneurship and the characteristics that define successful entrepreneurs.
