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Questions and Answers
An entrepreneur must identify a[n] ______ in the market.
An entrepreneur must identify a[n] ______ in the market.
opportunity
To be successful, an entrepreneur needs to have a good business ______.
To be successful, an entrepreneur needs to have a good business ______.
idea
Turning an idea into reality requires both general and ______ management skills.
Turning an idea into reality requires both general and ______ management skills.
people
Strategy Skills help the entrepreneur to consider the business as a ______.
Strategy Skills help the entrepreneur to consider the business as a ______.
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Marketing Skills focus on how offerings satisfy the customer's ______.
Marketing Skills focus on how offerings satisfy the customer's ______.
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Financial Skills involve managing ______ and monitoring cash-flow.
Financial Skills involve managing ______ and monitoring cash-flow.
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Project Management Skills help in organizing projects and setting specific ______.
Project Management Skills help in organizing projects and setting specific ______.
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Time Management Skills allow entrepreneurs to use time ______.
Time Management Skills allow entrepreneurs to use time ______.
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Step 2: Immersion involves concentrating on the problem and becoming ______ in it.
Step 2: Immersion involves concentrating on the problem and becoming ______ in it.
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Step 3: Incubation means keeping the assembled information in mind while the ______ mind is engaged.
Step 3: Incubation means keeping the assembled information in mind while the ______ mind is engaged.
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Step 4: Insight is often referred to as the ______! Experience.
Step 4: Insight is often referred to as the ______! Experience.
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One barrier to creativity includes searching for the one ‘______’ answer.
One barrier to creativity includes searching for the one ‘______’ answer.
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Innovation lies at the heart of the entrepreneurial process and is a means to the exploitation of ______.
Innovation lies at the heart of the entrepreneurial process and is a means to the exploitation of ______.
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The first type of innovation is ______, described as the creation of a new product, service, or process.
The first type of innovation is ______, described as the creation of a new product, service, or process.
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Step 1 of the Innovation Process is ______ planning, which involves carefully identifying features and resources.
Step 1 of the Innovation Process is ______ planning, which involves carefully identifying features and resources.
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Resources organization involves obtaining the necessary ______, materials, technology, and human resources.
Resources organization involves obtaining the necessary ______, materials, technology, and human resources.
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The more focused your energies, the more ______ you generate.
The more focused your energies, the more ______ you generate.
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A goal without a measurable outcome is like a sports competition without a ______.
A goal without a measurable outcome is like a sports competition without a ______.
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Dream big but keep one foot firmly based in ______.
Dream big but keep one foot firmly based in ______.
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Achievable business goals must be based on the current conditions and ______ of the business climate.
Achievable business goals must be based on the current conditions and ______ of the business climate.
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Business goals just don’t get done when there’s no ______ frame tied to the goal-setting process.
Business goals just don’t get done when there’s no ______ frame tied to the goal-setting process.
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Planning involves making decisions about the future in terms of what to do, when to do, and how to ______.
Planning involves making decisions about the future in terms of what to do, when to do, and how to ______.
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Persuasion is a way of convincing someone to get something or make a ______ in your favor.
Persuasion is a way of convincing someone to get something or make a ______ in your favor.
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Networking is an extended group of people with similar interests who maintain informal ______ for mutual assistance.
Networking is an extended group of people with similar interests who maintain informal ______ for mutual assistance.
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The availability of ______ is crucial for entrepreneurs to prevent a standstill in production.
The availability of ______ is crucial for entrepreneurs to prevent a standstill in production.
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The production/operation assessment includes the availability of various ______.
The production/operation assessment includes the availability of various ______.
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Entrepreneurs need to evaluate the total requirements of ______ for their business.
Entrepreneurs need to evaluate the total requirements of ______ for their business.
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The assessment of human resources involves understanding their demand and ______ in the market.
The assessment of human resources involves understanding their demand and ______ in the market.
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Environmental scanning aims to gather information from as many ______ as possible.
Environmental scanning aims to gather information from as many ______ as possible.
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Factors like sudden changes in Government policy can hinder ______ growth.
Factors like sudden changes in Government policy can hinder ______ growth.
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An entrepreneurial venture needs the support of people from outside the organization such as customers, suppliers, and __________.
An entrepreneurial venture needs the support of people from outside the organization such as customers, suppliers, and __________.
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Unreliable supply of power, materials, and ______ can impact business operations.
Unreliable supply of power, materials, and ______ can impact business operations.
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Effective communication involves using spoken and written language to express ideas and __________ others.
Effective communication involves using spoken and written language to express ideas and __________ others.
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The interaction between the entrepreneur and their environment is an ongoing ______.
The interaction between the entrepreneur and their environment is an ongoing ______.
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Leadership skills involve inspiring people to work in a specific way and undertake tasks necessary for the __________ of the venture.
Leadership skills involve inspiring people to work in a specific way and undertake tasks necessary for the __________ of the venture.
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Motivation skills are essential for __________ people's commitment to the tasks at hand.
Motivation skills are essential for __________ people's commitment to the tasks at hand.
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Delegation skills involve allocating tasks to different people and understanding their __________.
Delegation skills involve allocating tasks to different people and understanding their __________.
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Negotiation skills help in understanding what is wanted from a situation and what is __________ others.
Negotiation skills help in understanding what is wanted from a situation and what is __________ others.
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Entrepreneurial performance results from a combination of industry knowledge, general management skills, people skills, and personal __________.
Entrepreneurial performance results from a combination of industry knowledge, general management skills, people skills, and personal __________.
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Ownership lies with those who invest in the business and own its stock – the __________.
Ownership lies with those who invest in the business and own its stock – the __________.
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Self-confidence is the state of being certain that a chosen course of action is the best or most effective given the ______.
Self-confidence is the state of being certain that a chosen course of action is the best or most effective given the ______.
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A person with self-confidence may exhibit characteristics like ______-taking, being independent, and perseverance.
A person with self-confidence may exhibit characteristics like ______-taking, being independent, and perseverance.
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Entrepreneurs learn to live with ______, using their experiences as opportunities for growth.
Entrepreneurs learn to live with ______, using their experiences as opportunities for growth.
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In networking, factors like socio-cultural background and ______ skills affect persuasion.
In networking, factors like socio-cultural background and ______ skills affect persuasion.
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An entrepreneur listens to others, analyses their input, and makes an ______ decision.
An entrepreneur listens to others, analyses their input, and makes an ______ decision.
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Self-confidence can be described as a subjective, emotional state of ______.
Self-confidence can be described as a subjective, emotional state of ______.
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Demonstrating leadership means getting things done through ______.
Demonstrating leadership means getting things done through ______.
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Self-confidence is often represented statistically as a confidence ______ within which one may be certain of a hypothesis.
Self-confidence is often represented statistically as a confidence ______ within which one may be certain of a hypothesis.
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Study Notes
Introduction to Entrepreneurship
- Entrepreneurship is a widely used term in everyday conversation and management.
- It originates from the French word "entreprendre" meaning to undertake a project.
- Entrepreneurs are individuals taking charge of projects focused on achieving specific outcomes.
- Entrepreneurship is the process the entrepreneur uses to create value.
Historical Origin of Entrepreneurship
- Defining entrepreneurship and entrepreneur is challenging due to many definitions.
- During ancient times, an entrepreneur was a person managing large commercial projects.
- In the 17th century, entrepreneurs contracted with the government.
- In the 18th century, Richard Cantillon defined the entrepreneur as a risk taker who buys at a known price and sells at an unknown price.
- In the late 19th and early 20th centuries, entrepreneurs were viewed as individuals operating enterprises for personal gain.
- In the mid-20th century, entrepreneurs were also seen as inventors.
Definitions of Entrepreneurship and Entrepreneur
- Entrepreneurship is identifying market opportunities, gathering resources, and investing to exploit those opportunities.
- It involves the creation of businesses through the combination of resources in new ways.
- Entrepreneurship is the process of identifying opportunities and initiating a business.
- It involves creating something better and more valuable.
- Entrepreneurship is the art of recognizing, utilizing resources, and executing a business idea.
- Entrepreneurship is defined as the process of recognizing, pursuing, and exploiting possibilities to generate wealth via innovation, creativity, and risk-taking.
Qualities of an Entrepreneur
- Opportunity seeking: Identifying and pursuing new opportunities
- Persevering: Continuing efforts despite challenges
- Risk-taking: Accepting calculated risks for potential gains
- Demanding for efficiency and quality: Delivering high-quality products and services
- Information-seeking: Seeking out relevant information to make informed decisions.
Entrepreneurial Tasks
- Owning organizations: Investors are often the owners. Management operates the venture.
- Founding new organizations: Bringing together resources and giving a legal form to a venture.
- Bringing innovations to the market: Implementing novel product/service ideas or improved delivery methods..
- Identification of Market Opportunity: Recognizing a gap in the market that needs to be filled
- Application of Expertise: Effectively allocating and utilizing resources
- Provision of leadership: Guiding and motivating team members.
Wealth of the Entrepreneur
- Wealth encompasses money, knowledge, and assets.
- Stakeholders include employees, investors, suppliers, customers, and the community, all benefiting from the entrepreneur's success.
Entrepreneurship and Environment
- The external environment includes factors like the economy, laws, politics, society, and demographics that influence a business.
- The internal environment consists of the elements within the control of the business.
- Government plays a role in providing essential services and supporting economic growth.
Creativity, Innovation, and Entrepreneurship
- Creativity is the process of generating new ideas and perspectives.
- Innovation is applying those new ideas to develop new products, or new ways to do things.
- Entrepreneurs are driven by both creativity and innovation.
Steps in the Creative Process
- Immersion: Concentrating on the problem.
- Incubation: Subconsciously processing information.
- Insight: Sudden understanding of the solution.
- Verification: Proving the solution.
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Description
Explore the key concepts of entrepreneurship, including its definition and historical origins. Discover how entrepreneurs create value through their projects and the evolution of the term over time. This quiz will deepen your understanding of what it means to be an entrepreneur.
