Podcast
Questions and Answers
Entrepreneurship is the art of identifying viable business ______ and mobilizing resources.
Entrepreneurship is the art of identifying viable business ______ and mobilizing resources.
opportunities
Engaging in entrepreneurship shifts people from being 'job seekers' to ______ creators.
Engaging in entrepreneurship shifts people from being 'job seekers' to ______ creators.
job
The process of entrepreneurship requires a lot of creativity, which is the driving force behind ______.
The process of entrepreneurship requires a lot of creativity, which is the driving force behind ______.
innovation
An entrepreneur is any person who creates and develops a business idea and takes the ______ of setting up an enterprise.
An entrepreneur is any person who creates and develops a business idea and takes the ______ of setting up an enterprise.
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An entrepreneur has the ability to identify and pursue a business ______.
An entrepreneur has the ability to identify and pursue a business ______.
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To be an entrepreneur, one must gather the necessary physical, financial, and human ______ needed to operate a business venture.
To be an entrepreneur, one must gather the necessary physical, financial, and human ______ needed to operate a business venture.
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An entrepreneur is someone who has a dream and a ______, and is willing to take the risk to achieve it.
An entrepreneur is someone who has a dream and a ______, and is willing to take the risk to achieve it.
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A multitude of environmental factors determine the entrepreneurial ______ among people.
A multitude of environmental factors determine the entrepreneurial ______ among people.
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Creativity, innovation and entrepreneurship have been recognized as important contributors to a nation's economic ______.
Creativity, innovation and entrepreneurship have been recognized as important contributors to a nation's economic ______.
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A complex combination of financial, institutional, cultural and personality factors determines the nature and ______ of entrepreneurial activity.
A complex combination of financial, institutional, cultural and personality factors determines the nature and ______ of entrepreneurial activity.
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Sudden changes in Government ______ can hinder entrepreneurial growth.
Sudden changes in Government ______ can hinder entrepreneurial growth.
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The interaction between the entrepreneur and his environment is an ongoing ______.
The interaction between the entrepreneur and his environment is an ongoing ______.
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Unreliable supply of power, materials, finance, and other inputs can hinder ______ growth.
Unreliable supply of power, materials, finance, and other inputs can hinder ______ growth.
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A healthy business environment requires active social and cultural ______ of the people.
A healthy business environment requires active social and cultural ______ of the people.
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Ideological and social ______ can negatively impact entrepreneurship.
Ideological and social ______ can negatively impact entrepreneurship.
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Entrepreneurship is ______ determined.
Entrepreneurship is ______ determined.
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The presence of a favorable business environment is essential for entrepreneurial ______.
The presence of a favorable business environment is essential for entrepreneurial ______.
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Quality plays an important role in this new era of __________ because it confers certain benefits.
Quality plays an important role in this new era of __________ because it confers certain benefits.
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Striving to maintain quality means examining all processes that contribute to the creation of a product, to remove non-productive processes and __________.
Striving to maintain quality means examining all processes that contribute to the creation of a product, to remove non-productive processes and __________.
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Consumers prefer to buy __________ products.
Consumers prefer to buy __________ products.
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Creativity is defined as the tendency to generate or recognize ideas, alternatives, or possibilities that may be useful in solving ______, communicating with others, and entertaining ourselves and others.
Creativity is defined as the tendency to generate or recognize ideas, alternatives, or possibilities that may be useful in solving ______, communicating with others, and entertaining ourselves and others.
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Striving to ensure quality helps businesses to minimize the chances of making __________.
Striving to ensure quality helps businesses to minimize the chances of making __________.
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Customers prefer to buy the same product again if they are satisfied with the __________.
Customers prefer to buy the same product again if they are satisfied with the __________.
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The creative process is based on ______ elements already known but wrongly assumed to be unrelated to each other.
The creative process is based on ______ elements already known but wrongly assumed to be unrelated to each other.
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Better quality of product satisfies customers and leads to better __________.
Better quality of product satisfies customers and leads to better __________.
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In the second step of the creative process, known as ______, the individual concentrates on the problem and collects relevant information.
In the second step of the creative process, known as ______, the individual concentrates on the problem and collects relevant information.
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The ______ process keeps the assembled information in mind for a while, often leading to new insights.
The ______ process keeps the assembled information in mind for a while, often leading to new insights.
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By providing quality products and services, a company fulfills its responsibility to the __________.
By providing quality products and services, a company fulfills its responsibility to the __________.
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Successful entrepreneurs do not rely on guesswork; they spend time collecting information about their __________.
Successful entrepreneurs do not rely on guesswork; they spend time collecting information about their __________.
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The moment when a solution flashes into the person's mind is referred to as ______ or the Aha! Experience.
The moment when a solution flashes into the person's mind is referred to as ______ or the Aha! Experience.
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A goal is a general direction or long-term aim that you want to __________.
A goal is a general direction or long-term aim that you want to __________.
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Admitting mistakes and learning from them is important for personal and professional ______.
Admitting mistakes and learning from them is important for personal and professional ______.
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An entrepreneur should focus on ______ and enjoy doing simple things successfully.
An entrepreneur should focus on ______ and enjoy doing simple things successfully.
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Listening to others helps entrepreneurs make informed ______.
Listening to others helps entrepreneurs make informed ______.
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In running a personal life, recognizing your ______ is essential.
In running a personal life, recognizing your ______ is essential.
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Setting small ______ can help entrepreneurs achieve larger goals.
Setting small ______ can help entrepreneurs achieve larger goals.
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To succeed in business, one must build the necessary ______ and skills.
To succeed in business, one must build the necessary ______ and skills.
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Entrepreneurs demonstrate ______ by inspiring and leading others.
Entrepreneurs demonstrate ______ by inspiring and leading others.
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Analyzing input from others helps in aligning their ideas with your own ______.
Analyzing input from others helps in aligning their ideas with your own ______.
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An effective entrepreneur enjoys the process of reaching their ______.
An effective entrepreneur enjoys the process of reaching their ______.
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When starting a business, it's important not to aim for ______ perfection.
When starting a business, it's important not to aim for ______ perfection.
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Study Notes
Entrepreneurship Ecosystem Diagram
- A diagram illustrating the interconnected elements of an entrepreneurial ecosystem.
- Components include local and global markets, government policy, regulatory frameworks, infrastructure, human capital & workforce, education & training, universities as catalysts, mentors/advisors/support systems, funding & finance, and culture.
- The diagram visually represents the dependencies and interactions between these factors.
Ministry of Science and Higher Education (MoSHE)
- Prepared a document titled "Entrepreneurship".
- Prepared by a team of Ethiopian experts.
- The document is dated September 2019 and located in Addis Ababa, Ethiopia.
Contents of the Entrepreneurship Document
- The document includes two major chapters:
- The Nature of Entrepreneurship
- Business Planning
- Chapter 1 details the history, definitions, and roles of entrepreneurs in economic development, entrepreneurial mindsets, and environment.
- Chapter 2 covers opportunity identification, business idea development, business idea evaluation, and elements of developing a business plan.
- Further subtopics exist within these chapters, expanding on the various concepts.
Nature of Entrepreneurship - Key Concepts
- Historical Origin: Entrepreneurship has evolved from managing large commercial projects, to the providing of services or products.
- Definitions of Entrepreneurship and Entrepreneur: Detailed definitions and specific functions of entrepreneurs are discussed.
- Types of Entrepreneurs: Different types or categories of entrepreneurs were outlined- individual, and intrapreneurial.
- Entrepreneurial Competencies: Traits, qualities, and skills for success in entrepreneurship were explained.
- Role in Economic Development: Entrepreneurs are key contributors to economic growth, employment, revenue, high incomes and increased quality of life.
Business Planning - Key Concepts
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Opportunity Identification and Evaluation: It’s the identification and refinement of viable economic opportunities in the market. This includes five key steps.
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Opportunity Scanning: Identifying and evaluating business opportunities.
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Opportunity Identification: The process of recognizing and analyzing economic opportunities.
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Opportunity Development: Combining resources to pursue recognized opportunities.
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Opportunity Evaluation: Assessing the viability in the competitive business climate.
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Business Idea Development: Creating precise descriptions of a business concept..
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Identifying Potential Customers: Knowledge of the target customer is essential to a successful business plan.
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Strategy for Selling Goods or Services: Methods of selling products or services were indicated, such as directly to customers, wholesalers or retailers.
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Business and Environment: Relation between business success and environmental factors.
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Description
Test your knowledge on the basic principles of entrepreneurship and the qualities that define a successful entrepreneur. This quiz covers critical aspects such as creativity, resource mobilization, and the impact of entrepreneurship on the economy.
