Entrepreneurship Review: Concepts and Importance
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Questions and Answers

What is the key difference between an entrepreneur and a businessman in terms of idea generation?

  • An entrepreneur starts with an existing idea, while a businessman starts with a unique idea.
  • An entrepreneur starts with a unique idea, while a businessman starts with an existing idea. (correct)
  • There is no difference between how entrepreneurs and businessmen generate ideas.
  • Both start with similar ideas but execute them differently.

    • What is considered the science of converting processed ideas into a remarkable business venture?

  • Entrepreneurship (correct)
  • Business Analytics
  • Innovation Transformation
  • Entrepreneurial Engineering

    • Why is specific goal setting important for entrepreneurs?

  • It hinders creativity.
  • It reduces motivation levels.
  • It decreases the likelihood of achieving set goals.
  • It increases the chances of goal achievement. (correct)

    • What is the importance of entrepreneurial education in relation to knowledge and competence?

    <p>It helps increase the level of knowledge and competence.</p> Signup and view all the answers

    Which competency involves a person's capability to handle situations in marketing, management, production, and finance?

    <p>Entrepreneurial Competencies</p> Signup and view all the answers

    What do entrepreneurs need to have faith in, according to the text?

    <p>Their Business Plan</p> Signup and view all the answers

    What is a key characteristic that entrepreneurs must possess according to the text?

    <p>High desire to accomplish goals</p> Signup and view all the answers

    Which competency involves having a positive sense of values and personal beliefs?

    <p>Integrity</p> Signup and view all the answers

    What does an entrepreneur understand and use as a way to accomplish goals in relevance to aims and objectives?

    <p>Strategic Thinking</p> Signup and view all the answers

    Which skill involves knowing how to work with people or groups to attain common goals and promote teamwork?

    <p>Collaboration</p> Signup and view all the answers

    An entrepreneur who is updated with developments in the locality and can identify business opportunities demonstrates competency in what area?

    <p>Commercial Aptitude</p> Signup and view all the answers

    What is a necessary trait for entrepreneurs when faced with unexpected problems according to the text?

    <p>Optimism</p> Signup and view all the answers

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