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Questions and Answers
What is a key quality of a successful entrepreneur?
What is a key quality of a successful entrepreneur?
Which of the following describes an entrepreneur's role in the market?
Which of the following describes an entrepreneur's role in the market?
What derived the term 'motivation'?
What derived the term 'motivation'?
What do political economists identify as essential qualities for entrepreneurs?
What do political economists identify as essential qualities for entrepreneurs?
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How did Renaissance Tradesmen impact entrepreneurship?
How did Renaissance Tradesmen impact entrepreneurship?
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What is a primary definition of entrepreneurship?
What is a primary definition of entrepreneurship?
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Which of the following factors contributes most significantly to business failures?
Which of the following factors contributes most significantly to business failures?
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What historical event marked the beginning of modern entrepreneurship?
What historical event marked the beginning of modern entrepreneurship?
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How did Jean Baptiste Say contribute to the concept of entrepreneurship?
How did Jean Baptiste Say contribute to the concept of entrepreneurship?
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What is implied by the term 'entrepreneur' based on its origin?
What is implied by the term 'entrepreneur' based on its origin?
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Which age group exhibits the highest failure rate for businesses?
Which age group exhibits the highest failure rate for businesses?
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What is a common misconception about entrepreneurs?
What is a common misconception about entrepreneurs?
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Which of the following is a key challenge faced by entrepreneurs?
Which of the following is a key challenge faced by entrepreneurs?
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Which of the following are identified as motivations for entrepreneurs?
Which of the following are identified as motivations for entrepreneurs?
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What characteristic is NOT commonly associated with successful entrepreneurs?
What characteristic is NOT commonly associated with successful entrepreneurs?
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Why might an individual choose to become an entrepreneur?
Why might an individual choose to become an entrepreneur?
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Which of the following myths about entrepreneurship suggests that entrepreneurs are inherently gifted?
Which of the following myths about entrepreneurship suggests that entrepreneurs are inherently gifted?
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What is a common misconception about entrepreneurs regarding their financial needs?
What is a common misconception about entrepreneurs regarding their financial needs?
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Which of the following traits contributes to an entrepreneur's ability to excel?
Which of the following traits contributes to an entrepreneur's ability to excel?
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What often motivates people to pursue entrepreneurship instead of traditional employment?
What often motivates people to pursue entrepreneurship instead of traditional employment?
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Which statement is true regarding the interpersonal skills of successful entrepreneurs?
Which statement is true regarding the interpersonal skills of successful entrepreneurs?
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Study Notes
Entrepreneurship Definition and Evolution
- Entrepreneurship is the act of starting a business and building it to generate profit.
- It started in France after the French Revolution with the rise of Capitalism.
- Jean Baptiste Say coined the term "entrepreneur" from the French word "entreprendre," meaning "to undertake."
- The modern definition of entrepreneurship focuses on solving problems by creating innovative products or services that bring about social change.
Key Factors Affecting Entrepreneurial Viability
- Motivation: Entrepreneurs are usually motivated by the 6C's: Change, Challenge, Creativity, Control, Curiosity, and Cash.
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Skills & Attributes: Successful entrepreneurs often possess:
- Good physical health
- Superior conceptual abilities
- Broad thinking (generalist perspective)
- High self-confidence
- Strong personal drive
- Moderate interpersonal skill
- Moderate risk-taking
- Realistic outlook
- High degree of emotional stability
- Low need for status
Challenging Myths and Excuses
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Misconceptions about Entrepreneurs:
- They are born, not made.
- They are superhuman.
- They are inventors.
- They inherit business traits.
- They have a specific and predictable profile.
- Men are better entrepreneurs.
- They are academic and social misfits.
- They are gamblers and excessive risk-takers.
- They only need luck and money to succeed.
- They experience a lot of failures.
Advantages of Entrepreneurship
- Opportunity to create your own destiny.
- Potential to be financially successful.
- Opportunity for self-discovery and growth.
- Ability to contribute and make a meaningful impact on society.
Reasons People Become Entrepreneurs
- Desire to change the world.
- Aversion to working for others.
- Preference for flexible hours.
- Willingness to take risks.
- Inability to adapt to a corporate environment.
- Strong curiosity.
- Ambitious nature.
- Difficulty finding suitable employment.
Business Failure Rates
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Cumulative Failure Rates:
- Under 1 year: 27.6%
- 1-2 years: 41.4%
- 2-3 years: 52.6%
- 3-4 years: 62.7%
- 4-5 years: 69.1%
- 5-10 years: 78.4%
- 10-20 years: 87.1%
- Over 20 years: 100%
Causes of Business Failures
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Causes of Business Failure (percentage):
- Neglect: 3.0%
- Fraud: 1.1%
- Lack of Technical Expertise: 8.5%
- Lack of Management Expertise: 17.4%
- Lack of Experience: 21.2%
- Incompetence: 44.9%
- Disaster and other reasons: 3.9%
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Description
This quiz explores the definition and historical context of entrepreneurship, tracing its evolution from post-French Revolution capitalism. It also discusses key motivational factors and essential attributes for successful entrepreneurs. Test your knowledge on what drives entrepreneurship today!
