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Entrepreneurship: Role and Functions

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Questions and Answers

What is the primary goal of an entrepreneur when supervising and controlling business activities?

To reduce costs of production

To accomplish business objectives (correct)

To increase market share

To maximize profits

What is the outcome of an entrepreneur's innovative efforts?

New products or methods of production (correct)

Reduced market demand

Decreased profits

Increased production costs

What is an important decision an entrepreneur must make when allocating funds for production?

The type of production technology to use

The marketing strategy to adopt

The share of each factor of production in the sale proceeds (correct)

The number of employees to hire

What is the role of an entrepreneur in organizing various factors of production?

To coordinate between various factors of production Signup and view all the answers

What is the purpose of an entrepreneur's planning and estimation efforts?

To give a practical shape to their plans Signup and view all the answers

What is the primary reason why an entrepreneur becomes entitled to the surplus remaining from the sale proceeds of the product?

Because they bear the risk of the business Signup and view all the answers

What is the key to a successful entrepreneurship, according to the text?

Solid administrative foundation and decision-making skills Signup and view all the answers

What is the first step in entrepreneurship, according to the text?

Conceiving the idea of a business Signup and view all the answers

What is the outcome of an entrepreneur's incorrect estimations, according to the text?

The entrepreneur incurs a loss, and no other factor of production shares the loss Signup and view all the answers

What is the final step in the entrepreneurial process, according to the text?

Estimating the details of the business and implementing the plan Signup and view all the answers