GST301 – Introduction to Entrepreneurship Studies II
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Questions and Answers

What is the main focus of GST301 course outline?

  • Feasibility study and business plan
  • Legal implications of business ownership
  • Entrepreneurship studies (correct)
  • Business environment analysis

    • Which section of the course outline covers the components of the business environment?

  • Requirement for Starting a Business
  • Concepts of Business and Business Environment (correct)
  • Introduction: Origin and concepts of Entrepreneurship
  • Forms of Business Ownership and Legal Implications

    • What is the focus of SWOT analysis in the course outline?

  • Assessing business feasibility
  • Identifying business plan components
  • Analyzing the business environment (correct)
  • Understanding legal implications

    • Which section discusses the types of cooperative societies?

    <p>Forms of Business Ownership and Legal Implications</p> Signup and view all the answers

    What are the key elements covered in the 'Requirement for Starting a Business' section?

    <p>Feasibility study and business plan</p> Signup and view all the answers

    In which section is the difference between feasibility study and business plan discussed?

    <p>Requirement for Starting a Business</p> Signup and view all the answers

    What is the origin of the word 'entrepreneur'?

    <p>Derived from the French word 'Entrepreneur', meaning 'to undertake'</p> Signup and view all the answers

    According to Alfred Marshall (1890), how did he view entrepreneurship?

    <p>As an important Factor of production and the driving element behind organization</p> Signup and view all the answers

    What does Gartner (1988) define as entrepreneurship?

    <p>The creation of new organizations</p> Signup and view all the answers

    Which statement best defines entrepreneurship as per the given text?

    <p>The ability to create and build a vision from practically nothing to something</p> Signup and view all the answers

    Who introduced the concept of entrepreneurship in 1755?

    <p>Richard Cantillon</p> Signup and view all the answers

    What was Jean-Baptiste's contribution to the concept of entrepreneurship?

    <p>He identified entrepreneurship as a new economic phenomenon in his work in 1821</p> Signup and view all the answers

    How do some scholars view entrepreneurship?

    <p>As purely self-employment without any innovative element</p> Signup and view all the answers

    Study Notes

    GST301 Course Focus

    • The course outline emphasizes understanding the fundamental principles and practices within the business landscape.
    • It aims to equip students with analytical tools to evaluate and navigate various business scenarios.

    Business Environment Components

    • The section covering components of the business environment analyzes factors like economic, social, legal, and political influences affecting a business's operation.

    SWOT Analysis Focus

    • SWOT analysis in the course explores internal strengths and weaknesses alongside external opportunities and threats, helping in strategic planning.

    Cooperative Societies

    • The section discussing types of cooperative societies examines the various forms they take, such as consumer cooperatives, producer cooperatives, and worker cooperatives.

    Starting a Business Requirements

    • Key elements in the 'Requirement for Starting a Business' section include market research, financing, legal considerations, and business planning strategies.

    Feasibility Study vs. Business Plan

    • The distinction between feasibility study and business plan is discussed in a section dedicated to understanding the purpose and critical differences of each document.

    Origin of "Entrepreneur"

    • The term 'entrepreneur' originates from the French word "entreprendre," meaning "to undertake."

    Alfred Marshall's View on Entrepreneurship

    • Alfred Marshall (1890) perceived entrepreneurship as a function of the individual who combines resources to create good and services, emphasizing innovation and economic development.

    Gartner's Definition of Entrepreneurship

    • Gartner (1988) defines entrepreneurship as the creation of new ventures, focusing on the process of individuals establishing their businesses and the impact on economic growth.

    Defining Entrepreneurship

    • Entrepreneurship is best defined as the process of identifying opportunities, mobilizing resources, and taking risks to establish and manage a business.

    Introduction of Entrepreneurship Concept

    • The concept of entrepreneurship was introduced in 1755 by Richard Cantillon, highlighting the role of risk-taking in business.

    Jean-Baptiste's Contribution

    • Jean-Baptiste Say contributed to the entrepreneurship concept by positing that entrepreneurs are pivotal in the economy as they bring innovations and fulfill needs.

    Scholarly Views on Entrepreneurship

    • Some scholars view entrepreneurship as a driving force that spurs innovation and economic development, emphasizing its role in competitive markets and job creation.

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    Description

    This quiz covers the course outline of GST301 – Entrepreneurship Studies II, including the introduction to entrepreneurship, types of entrepreneurs, characteristics of entrepreneurship, concepts of business, and business environment.

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