Podcast
Questions and Answers
What is the primary motive for opening a business in entrepreneurship?
What is the primary motive for opening a business in entrepreneurship?
How does an entrepreneur generally perceive risk in business?
How does an entrepreneur generally perceive risk in business?
What distinguishes an entrepreneur's reaction to changes in the business environment compared to that of an ordinary small business owner?
What distinguishes an entrepreneur's reaction to changes in the business environment compared to that of an ordinary small business owner?
In terms of competition, how does the viewpoint of an entrepreneur differ from that of an ordinary small business owner?
In terms of competition, how does the viewpoint of an entrepreneur differ from that of an ordinary small business owner?
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How does the horizon of business operation differ between entrepreneurs and ordinary small business owners?
How does the horizon of business operation differ between entrepreneurs and ordinary small business owners?
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How does an owner of an ordinary small business typically perceive competition?
How does an owner of an ordinary small business typically perceive competition?
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What distinguishes the vision of an entrepreneur from that of an ordinary small business owner?
What distinguishes the vision of an entrepreneur from that of an ordinary small business owner?
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In terms of funding sources, how does an ordinary small business owner typically operate?
In terms of funding sources, how does an ordinary small business owner typically operate?
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What is a common characteristic of an entrepreneur's approach compared to that of an ordinary small business owner regarding business horizons?
What is a common characteristic of an entrepreneur's approach compared to that of an ordinary small business owner regarding business horizons?
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What attitude do ordinary small business owners typically have toward business expansion?
What attitude do ordinary small business owners typically have toward business expansion?
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Study Notes
Motive in Opening a Business
- Entrepreneurship aims to create ventures driven by innovative concepts and the ambition for success.
- Ordinary small businesses prioritize earning income to sustain livelihood over entrepreneurial ambitions.
Perception of Risk in Business
- Entrepreneurs actively embrace and manage risks associated with business operations.
- Small business owners view risks as deterrents, often leading to avoidance rather than proactive engagement.
Reactions to Changes in the Environment
- Entrepreneurs perceive environmental changes as opportunities for innovation and growth.
- Ordinary small businesses remain passive towards environmental shifts, seeing them as potential threats rather than opportunities.
View on Competition
- For entrepreneurs, competition is an indicator of a dynamic market that necessitates the enhancement of products and services.
- Small business owners often view competition as unfavorable, seeking to minimize its impact rather than leverage it for improvement.
Vision for Development and Growth
- Entrepreneurs create structured plans for business direction across short, medium, and long-term goals, driven by a clear vision and mission.
- Ordinary business owners tend to rely on luck to sustain their operations, showing limited interest in proactive growth strategies.
Horizon of Business Operation
- Entrepreneurs adopt a global perspective while implementing local strategies, cognizant of broader economic trends.
- Small business owners focus exclusively on local markets, rarely considering expansion or wider business opportunities.
Sources of Business Funds
- Entrepreneurs seek diverse funding sources, looking both internally and externally to support wealth-generating ventures.
- Small business owners generally restrict funding to personal finances, often hesitant to engage with financial institutions for support.
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Description
This quiz explores the differences between ordinary small business activities and entrepreneurship. It covers various aspects such as motives, risk perception, competition, and business growth vision. Enhance your understanding of these two distinct approaches to business.
