Forms of Enterprise

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Questions and Answers

Which of the following best describes the role of enterprising individuals in a community?

To rely on government initiatives to address community needs and desires.
To avoid taking risks and maintain the status quo within the community.
To create enterprises that satisfy the identified needs and wants of the community. (correct)
To focus solely on maximizing personal wealth through any means possible.

How do enterprises contribute to the overall prosperity of a community?

By focusing on individual success stories rather than community-wide development.
By facilitating the circulation of money, with the output of one enterprise often becoming the input for others. (correct)
By limiting the circulation of money to maintain exclusivity and reduce competition.
By relying solely on external investments to grow without contributing locally.

What is a key factor that differentiates business ventures from non-business ventures?

The rewards they provide, with business ventures focusing on profit and non-business ventures offering physical or psychological rewards. (correct)
The specific location where the venture is established.
The amount of capital required to start the venture.
The level of risk involved in establishing the venture.

Why is it important for men and women to consider the compatibility of their personal values and interests when choosing an enterprise?

To maximize their chances of success and satisfaction in the long term. (D) Signup and view all the answers

According to Datol, et al. (2004), what is the role of an entrepreneur?

To combine the factors of production (land, labor, and capital) in the right proportion and at the right time. (B) Signup and view all the answers

In a sole proprietorship, what is the extent of the owner's responsibility?

The owner manages and controls the business, takes all risks, and enjoys all benefits. (C) Signup and view all the answers

What is the defining characteristic of a joint stock company regarding ownership and control?

It is owned by many people known as shareholders, with debates over whether directors or shareholders are the true entrepreneurs. (D) Signup and view all the answers

What role does the government play when it acts as an entrepreneur?

It establishes, owns, and controls business enterprises directly. (B) Signup and view all the answers

Why is the selection of business opportunities considered a vital function of entrepreneurs?

Because it involves identifying and exploiting unsatisfied needs with the available resources. (B) Signup and view all the answers

What does combining relevant factors of production entail for entrepreneurs?

Bringing together scattered resources like land, labor, and capital to produce goods or services that satisfy human needs. (A) Signup and view all the answers

Why is establishing a business enterprise more than just bringing resources together?

Because the act of bringing the required resources cannot guarantee the production of the required goods and services at the required profit. There has to be a structure or an outfit that will formalize the relationship between the various interacting units in the production mechanism. (B) Signup and view all the answers

What does the management of a business enterprise involve?

Measures taken towards effective day to day running of the business, including managerial activities like planning, organizing, and coordinating. (A) Signup and view all the answers

What role does decision-making play in entrepreneurship?

It involves the choice and adoption of an alternative course of action on issues affecting the business. (C) Signup and view all the answers

Which of the following qualities is essential for an individual aspiring to become a full-fledged entrepreneur?

Vision: what one wants to achieve or to become in the future. (D) Signup and view all the answers

How does focus contribute to the success of an entrepreneur?

By referring to concentration and commitment to a determined course of action. (B) Signup and view all the answers

Why is goal setting important for entrepreneurs?

The attainment of a vision aforementioned require setting goals on short and medium term bases. (D) Signup and view all the answers

How does self-motivation impact an entrepreneur's journey?

Self-motivation is simply interest that pushes an individual into action. (B) Signup and view all the answers

What role does sacrifice play in the establishment and management of business enterprises?

The establishment and the successful management of business enterprises involve sacrifice of time and resources in anticipation of getting profit. (D) Signup and view all the answers

Why is time management a critical skill for entrepreneurs?

This have to do with judicious use of time in the accomplishment of tasks. (C) Signup and view all the answers

How does decisiveness contribute to an entrepreneur's success?

Fear of failure should not prevent one from taking decisions. (A) Signup and view all the answers

Why are human relations important for entrepreneurs?

Every entrepreneur must require the service of others as partners, workers, or even customers. Hence potential entrepreneurs need to know how to relate with all categories of stake holders in the business. (D) Signup and view all the answers

What is the importance of freedom and independence for potential entrepreneurs?

They help entrepreneurs to think widely and wisely so as to come up with new ideas or products. (A) Signup and view all the answers

Why is endurance considered a valuable trait for entrepreneurs?

They have to exhibit a lot of patience and endurance in the face of what may seem to be impossible hardships. (D) Signup and view all the answers

According to Musa (2010), how do entrepreneurs contribute to economic development?

Entrepreneurs are people with vision and works with goals. Musa (2010) pointed some of the contributions of the entrepreneurs to economic development in Nigeria. (D) Signup and view all the answers

How do entrepreneurs address the issue of unemployment, according to the text?

By providing job opportunities and creating employment for the unemployed. (D) Signup and view all the answers

What role do entrepreneurs play in generating revenue for the nation?

The entrepreneurs serve as sources of revenue to the nation through the redeeming of appropriate taxes and levies. (C) Signup and view all the answers

How do entrepreneurs contribute to technological advancement in a country?

The entrepreneur facilitates the importation of foreign technologies there by facilitating technological competitions among Nigerian indigenous forms. (A) Signup and view all the answers

How do entrepreneurs leverage local resources to benefit consumers?

The entrepreneurs, through the tapping of local resource, come with a variety of investment opportunities that address the thirst of customers. (A) Signup and view all the answers

What is the potential impact of unexploited opportunities in a community?

They can increase synergy and create opportunities for everyone if properly harnessed. (D) Signup and view all the answers

How does acquiring skills through training and education benefit men and women in a community?

It leads to different careers and gives them great assets that men and women should be proud of. (A) Signup and view all the answers

What is the benefit of having many types of enterprises in a community?

It affords opportunities to apply the skills you have acquired in the course of your training. (B) Signup and view all the answers

What should men and women do after acquiring skills in the course of their training?

They should be alert and evaluate the many enterprises in your community and note their potential synergistic nature. (D) Signup and view all the answers

What is the final step to appreciate that you have started in the right way by acquiring the skills?

Identify how the skills you have acquired can be applied or utilized in the various possible enterprises. (B) Signup and view all the answers

How can entrepreneurs overcome challenges and achieve success?

By doing what you can, with what you have, where you are, and still succeed. (A) Signup and view all the answers

What is the essence of the entrepreneur's role in the selection of business opportunities?

Exploiting human needs that can be met profitably while considering available resources. (B) Signup and view all the answers

Which managerial activity is essential for the effective day-to-day operation of a business enterprise?

Planning, organizing, and coordinating business activities. (B) Signup and view all the answers

In the context of entrepreneurs facilitating the importation of foreign technologies, what is the broader goal?

To ensure technological competitions among indigenous forms, as well as spur economic development through technological competitions. (A) Signup and view all the answers

Flashcards

Role of Enterprises

Enterprises fulfill community needs and wants by providing satisfying rewards upon successful establishment.

Classifying Enterprises

Classifications include private, public, formal, informal, individual, community, local, foreign, small, large, business and more.

Rewards in Ventures

Business ventures offer profit, while non-business ventures provide physical or psychological rewards.

Synergistic Enterprises

Enterprises benefit from each other, creating money circulation and prosperity within the community.