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Questions and Answers
NIESBUD conducts entrepreneurship development programmes.
False
Julian Rotter developed the concept of 'Locus of Control' in the 1980s.
False
Entrepreneurship requires reactive decisions.
False
In 1966, Harvey Leibenstein popularised the concept of X-efficiency.
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The concept of 'Locus of Control' was developed by Harvey Leibenstein.
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Entrepreneurs fear taking risks.
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Social Entrepreneurs are driven by profit objective.
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In internal locus of control, behavior is influenced by fate or external factors.
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An entrepreneur should have good leadership skills.
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Professional entrepreneurs focus on R & D activities.
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Entrepreneurship does not focus on results.
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Entrepreneurship involves innovation and creativity.
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Richard Cantillon viewed the entrepreneur as a risk taker.
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F.H. Knight states that 'newness' can create uncertainty.
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Entrepreneurship is not influenced by political factors.
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Study Notes
Entrepreneurship Development
- NIESBUD conducts entrepreneurship development programs.
- Entrepreneurship requires proactive decisions.
- Julian Rotter developed the 'Locus of Control' concept in the 1960s.
- Harvey Leibenstein popularized the concept of X-efficiency in 1966.
Theories and Concepts
- Everett Hagen developed the "Theory of Social Change, Uncertainty, Achievement."
- A "Gap Filler" is an entrepreneur who acts as an arbitrageur.
- Economic entrepreneurs prioritize profit as a driving force.
- Internal environment analysis reveals organizational strengths.
- External environment analysis spotlights opportunities for organizations.
- Resources required for working capital include physical, financial, and human resources.
Entrepreneurs and Their Contributions
- Richard Cantillon viewed entrepreneurs as risk-takers.
- F.H. Knight emphasized that "newness" can contribute to uncertainty.
- Joseph Schumpeter posited that entrepreneurship is driven by innovation.
- Peter Drucker emphasized the importance of entrepreneurship in management.
- Robert Ronstadt focused on the role of entrepreneurship in economic development.
- Julian Rotter's 'Locus of Control' theory states that individuals with an internal locus of control believe they are responsible for their own success or failure, while those with an external locus of control attribute success and failure to external factors.
Entrepreneurship Characteristics
- Entrepreneurs are not afraid to take risks.
- Entrepreneurs focus on results.
- Social entrepreneurs are not driven by profit.
- Entrepreneurs should possess strong leadership skills.
- Entrepreneurship involves creativity and innovation.
- Entrepreneurs are influenced by political factors.
Incentives and Risks in Entrepreneurship
- Monetary incentives include bonuses.
- Non-monetary incentives include welfare facilities.
- Insurable risks are those covered by insurance, such as loss due to fire.
- Non-insurable risks are not covered by insurance, such as bad debts.
- Human resource management (HRM) involves managing manpower and mobilizing funds.
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Description
Explore the key theories and concepts in entrepreneurship development through this quiz. Learn about influential thinkers like Julian Rotter and Joseph Schumpeter, and understand the importance of environmental analysis in entrepreneurial success. Test your knowledge on the characteristics and contributions of entrepreneurs.
