Questions and Answers
What does the concept of entrepreneurship date back to?
What is NOT a component of the process of entrepreneurship?
According to the definition of entrepreneurship, what is the goal of entrepreneurship?
What is NOT true about entrepreneurship?
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What is an example of companies that made people think entrepreneurship is easy?
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Who provided the definition of entrepreneurship mentioned in the content?
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What is a characteristic of creativity?
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What is a benefit of an enterprise for the entrepreneur?
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What is a common problem of an enterprise?
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What is a method to start up an entrepreneurship?
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What is a type of business incubator?
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What is a benefit of acquiring a franchise?
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What is an advantage of purchasing an existing enterprise?
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What is a disadvantage of purchasing an existing enterprise?
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What is the main difference between a small enterpriser and an entrepreneur?
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What is a common misconception about small enterprises among Egyptian youth?
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What is the main goal of an entrepreneur?
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What is a characteristic of an entrepreneur?
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What is a trait of a self-actualized person?
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What is a difference between a manager and an entrepreneur?
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What is a characteristic of an entrepreneur in terms of thinking?
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What is a characteristic of an entrepreneur in terms of controlling?
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What is a characteristic of an entrepreneur in terms of events?
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What is a characteristic of an entrepreneur in terms of thinking about the future?
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What is one of the benefits of electronic business?
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What is one of the criteria to make a new idea?
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What is one of the techniques to develop the ability to generate creative ideas?
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What is the purpose of a strategic plan?
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What is one of the contents of a plan?
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What is one of the establishment decisions?
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What is one of the procedures provided for enterprise establishment?
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What is one of the sources of ideas?
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What is a decision needed for acquiring resources in an enterprise?
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What is the primary focus of a professional manager?
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What is the term for the process of assigning tasks to personnel?
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What are the 4 Ps of the Marketing package?
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Who is likely to buy a product?
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What is the primary benefit of adopting a marketing philosophy?
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What is the final phase of an enterprise?
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What is essential for an entrepreneur to become a professional manager?
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Study Notes
Entrepreneurship I
- The concept of entrepreneurship dates back to the 18th century and means "a person starts a private business".
- Entrepreneurship involves creating something creative or innovative that has value and represents a risky opportunity by properly exploiting available resources to achieve long-term material and moral gains.
- The process of entrepreneurship has several components, including:
- The creative process
- Dedication
- Taking risks
- Strategic planning
- Managing and leadership
- Monitoring and evaluation
- Entrepreneurship is a long and difficult journey that requires learning, seriousness, and hard work, contrary to the misconception that success is immediate.
Importance of Entrepreneurship
- Entrepreneurship is important for:
- Developing individual skills
- National economy
- Fundamental motivation to change the culture of society
- Entrepreneurship leads to:
- Independence
- Opportunities for excellence
- Profit
- Confidence and respect in the community
- Creating other job opportunities
- Entrepreneurship also:
- Creates wealth
- Creates new economic activities
- Improves national income
- Activates production
- Encourages competition with foreign business
Types of Enterprises
- There are several types of enterprises, including:
- Industrial
- Commercial
- Service
- Electronic
- Misconceptions about small enterprises among Egyptian youth include:
- Technical expertise is the first requirement for success
- Small size is an obstacle for creativity
- Inability to carry out marketing due to lack of financial resources
- No marketing plan is needed at the start of any business
- Women are less capable of managing small businesses
Entrepreneur
- An entrepreneur is anyone who takes the risk of venturing with a new idea to make profits with no guarantee of success.
- An entrepreneur finances, plans, supervises, and takes risks to gain profits and financial independence.
- Entrepreneurs create wealth, have a high level of creativity and innovation, and have a major impact on humanity.
Entrepreneur vs. Manager vs. Technician
- Entrepreneurs create work, managers manage work, and technicians do the work themselves.
- Entrepreneurs have a dream, live in the future, and create alternatives, while managers have a system, live in the past, and organize alternatives created by entrepreneurs.
- Entrepreneurs think to create and imagine, while managers think to solve problems, and technicians think that thinking is a waste of time.
Characteristics and Special Traits of Entrepreneurs
- Entrepreneurs have several characteristics and special traits, including:
- Technical competence
- Mental ability
- Human relations
- High achievement
- Independence
- Curiosity
- Risk-taking
- Persistence
- Non-conformism
- Self-actualization
- Creativity
- Making use of the experience of others
- Self-actualization characteristics include:
- Perceiving reality efficiently
- Being problem-centered
- Being highly creative
- Being concerned with the welfare of humanity
- Having a democratic attitude
- Having strong moral/ethical standards
Entrepreneurship II
- Benefits of an enterprise for the entrepreneur include:
- Independence
- Financial gains
- Community service
- Job security
- Family employment
- Solving challenges
- Common problems of an enterprise include:
- Sales fluctuation
- Competition
- Increased responsibilities
- Financial losses
- Relation with employees
- Laws and regulations
- Risk of failure
Methods to Start Up an Entrepreneurship
- Important methods to start up an entrepreneurship include:
- Joining a business incubator
- Acquiring a franchise
- Purchasing an existing enterprise
- International business
- E-business
- Joining a business incubator provides appropriately equipped production and administration units for a rental value.
- Acquiring a franchise provides the right to use a famous trade mark, benefit of the success of the trademark, extensive training, technical support, and marketing.
Generating the Entrepreneurial Idea
- Criteria to make a new idea include:
- Market factors
- Competitive advantage
- Economic viability
- Enthusiasm and persistence
- Possibility of turning into a business model
- Sources of ideas include:
- An item needs to be fulfilled
- Listening to people
- Idea close to hands
- Mechanisms for crystallizing ideas include:
- Mind mapping
- Brainstorming
- Six thinking hats technique
- Canvas business model
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Description
This quiz covers the basics of entrepreneurship, including its history, definition, and key concepts.
