Introduction to Entrepreneurship Chapter 1

What is the primary contribution of entrepreneurship to a country's economy?

Upward mobility
Renewal process
Market economies
Economic growth (correct)

According to the definition, what is an essential skill of an entrepreneur?

Being a boss
Managing a large enterprise
Managing financial resources
Identifying attractive opportunities (correct)

Why do people often become entrepreneurs?

To examine and implement their own ideas (correct)
To work in a government establishment
To work in a large and established business organization
To become an employee

What is the main difference between an entrepreneur and entrepreneurship?

Entrepreneur is a person, while entrepreneurship is a process (D) Signup and view all the answers

What is entrepreneurship more than?

The mere creation of a new business (C) Signup and view all the answers

What is the role of entrepreneurship in the economy?

To influence and redefine market economies (B) Signup and view all the answers

What is the sales turnover range for a small enterprise in the manufacturing sector?

RM300,000 to less than RM15 mil (A) Signup and view all the answers

Why is entrepreneurship important in the Malaysian economy?

It represents the working future for many due to the shrinking of job opportunities (B) Signup and view all the answers

What is the primary principle of Islamic entrepreneurship that views business activity as a good deed?

Ibadah (B) Signup and view all the answers

What is the minimum number of employees required for a medium enterprise in the services sector?

30 (A) Signup and view all the answers

What is the sales turnover range for a medium enterprise in the manufacturing sector?

RM15 mil to RM50 mil (D) Signup and view all the answers

What is the role of entrepreneurship in the Malaysian economy and development?

It plays a significant role in the economy and development through mechanisms and policies (A) Signup and view all the answers

What percentage of rizque sources does Prophet Muhammad S.A.W attribute to business?

9 out of 10 (C) Signup and view all the answers

What should guide the principles of Islamic Entrepreneurship?

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

What is the responsibility of Muslim entrepreneurs according to the Islamic perspective?

To develop prosperity and perform business as part of 'ibadah' (B) Signup and view all the answers

What is the primary motivation for Muslim entrepreneurs?

To fulfill the 'fardhu kifayah' and search for God's blessings (C) Signup and view all the answers

What is the key factor in measuring success in Islam?

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

What is the definition of a 'halal' livelihood according to Al-Qurtubi's Success Formula?

A livelihood that is in accordance with Allah SWT and Syariah (B) Signup and view all the answers

What is entrepreneurship according to Kuratko and Hodgetts (2004)?

The innovative manner of conducting a business and a change in the process of managing a business (B) Signup and view all the answers

What is common in internal corporate entrepreneurship activities?

Improvement in internal processes and services (B) Signup and view all the answers

What is an essential characteristic of entrepreneurship according to Leff (1979)?

Seeing a business opportunity and taking the risk of failure (D) Signup and view all the answers

Which type of entrepreneurship is characterized by the amalgamation of entrepreneurial thinking into corporate structure?

Corporate Entrepreneurship or Intrapreneurship (C) Signup and view all the answers

What is the primary goal of entrepreneurship, according to Dollinger (2008)?

To make a profit and grow a business (A) Signup and view all the answers

What is a key aspect of entrepreneurship, according to Koontz and Fulmer (1984)?

The practice of organizing and managing a business (D) Signup and view all the answers

What is the concept of Qanaah in Islamic entrepreneurship?

Being pleased and thankful with one's earning (C) Signup and view all the answers

What is the significance of Islamic wealth model in entrepreneurship?

It provides a framework for seeking Allah's forgiveness and blessings (D) Signup and view all the answers

What is the ultimate goal of business in Islam according to Imam Al-Ghazali?

To use worldly success as a bridge to achieve success in the hereafter (A) Signup and view all the answers

What is the role of entrepreneurship and business in Islam?

It is highly encouraged amongst the ummah (B) Signup and view all the answers

What is the key principle in Islamic economic system?

Operating within the domain of Islamic economic system (A) Signup and view all the answers

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

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