Entrepreneurship Theories and Development

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What is the primary driver of the economy, according to the concept of creative destruction?

Technological advancements
Government policies
Market forces
Entrepreneurship (correct)

According to Alfred Marshall, how does the process of entrepreneurship or business development evolve?

Through a process of trial and error
Through a series of random events
Through a process of rapid and sudden changes
Through a gradual and incremental process (correct)

What is the key characteristic of an entrepreneur, according to David McClelland's theory?

High need for affiliation
High need for power
High need for recognition
High need for achievement (correct)

What is the Islamic view on the role of entrepreneurship in society?

Entrepreneurship is seen as an integral part of Islamic religion (C) Signup and view all the answers

What is the motivation for success in Islamic entrepreneurship, according to the text?

Success measured by the way and means of achieving it (A) Signup and view all the answers

What is the Islamic view on the position of entrepreneurship and business in society?

Islam encourages its ummah to venture into business (A) Signup and view all the answers

What is the term for being pleased and thankful with one's earnings?

Qanaah (C) Signup and view all the answers

According to Imam Al-Ghazali, what is the first step towards achieving success in life?

Level of Knowledge (A) Signup and view all the answers

What is the primary principle underlying the concept of wealth in Islam?

Allah is the absolute owner of wealth (B) Signup and view all the answers

What is the term for involving in business as a form of worship in Islam?

Ibadah (D) Signup and view all the answers

What is the framework in which Islamic entrepreneurship should operate?

Islamic Economic System (A) Signup and view all the answers

What is the source of guidelines for Islamic entrepreneurship and business activities?

Al-Quran and Al-Hadith (B) Signup and view all the answers

What is the primary reason to search for legitimate ventures in Muslim entrepreneurship ethics?

To avoid forbidden sources of income and property (C) Signup and view all the answers

Which of the following is an exemplary conduct of a good Muslim entrepreneur during the Prophet Muhammad's reign?

Practicing a moderate way of life (A) Signup and view all the answers

What is the key aspect of entrepreneurship according to the functional definition?

Innovation and new venture creation (A) Signup and view all the answers

Why is it essential to avoid laziness in Muslim entrepreneurship ethics?

To prevent stagnation and ensure continuous growth (D) Signup and view all the answers

What is the ethical behavior of a Muslim entrepreneur in relation to wealth?

Paying alms (zakat) (A) Signup and view all the answers

What is the purpose of avoiding malicious behavior in Muslim entrepreneurship ethics?

To build trust with customers and stakeholders (C) Signup and view all the answers

What is the primary goal of Islamic entrepreneurship?

To fulfill the 'fardhu kifayah' (B) Signup and view all the answers

What is the basis of the guiding principles of Islamic entrepreneurship?

The Quran and Hadith (C) Signup and view all the answers

What is the role of a Muslim entrepreneur in Islam?

To perform 'ibadah' and be a 'khalifah' (D) Signup and view all the answers

What is the criteria for success in Islamic entrepreneurship?

The means and ways of achieving success (D) Signup and view all the answers

What is the fundamental nature of human being in Islam?

To seek God's blessings (C) Signup and view all the answers

What is the concept of 'Halal' in Islamic entrepreneurship?

Livelihood that is in accordance with Allah's guidelines (A) Signup and view all the answers

What is the main focus of the study of entrepreneurship?

The entrepreneurial behavior and business dynamics (D) Signup and view all the answers

What is entrepreneurship synonymous with?

The creation of new ventures and small businesses (C) Signup and view all the answers

What is the role of entrepreneurial SMIs in the economy?

To provide services that large corporations have neglected or lack economy of scale to serve (B) Signup and view all the answers

Why is entrepreneurship critical to economic growth?

It promotes innovation and job creation (C) Signup and view all the answers

What is an example of innovative creation of opportunity in entrepreneurship?

Portable phones linked to faxes and laptops turning cars, trains, and airport terminals into offices (D) Signup and view all the answers

Why are SMIs important contributors to local economic growth?

They have been important contributors to local economic growth (D) Signup and view all the answers