Podcast
Questions and Answers
According to Walter (1999), which attribute is essential for defining entrepreneurship?
According to Walter (1999), which attribute is essential for defining entrepreneurship?
- Minimal risk-taking
- Guaranteed market dominance
- Extensive capital investment
- Ability to perceive a business opportunity (correct)
Which of the following best describes the economic activity aspect of entrepreneurship?
Which of the following best describes the economic activity aspect of entrepreneurship?
- Avoiding any form of financial risk
- Strict adherence to traditional business practices
- Maintaining the status quo of existing markets
- Creating value and wealth through enterprise operation (correct)
A new graduate is considering entrepreneurship. According to the context, which objective of entrepreneurship education is most relevant to this graduate?
A new graduate is considering entrepreneurship. According to the context, which objective of entrepreneurship education is most relevant to this graduate?
- Mastering supply chain logistics.
- Considering small business as a viable employment option. (correct)
- Understanding complex financial instruments.
- Learning advanced marketing techniques.
Which of the following is a likely impact of successful entrepreneurship on a society?
Which of the following is a likely impact of successful entrepreneurship on a society?
A person identifies a significant problem in their community and decides to create a business to solve it. Which requirement for successful entrepreneurship does this scenario primarily demonstrate?
A person identifies a significant problem in their community and decides to create a business to solve it. Which requirement for successful entrepreneurship does this scenario primarily demonstrate?
Why is the 'risk bearing' characteristic important in entrepreneurship?
Why is the 'risk bearing' characteristic important in entrepreneurship?
How does entrepreneurship contribute to a society's overall wealth?
How does entrepreneurship contribute to a society's overall wealth?
A software company decides to adopt a new organizational structure that allows employees to work on projects outside of their department. Which characteristic of entrepreneurship is best demonstrated by this decision?
A software company decides to adopt a new organizational structure that allows employees to work on projects outside of their department. Which characteristic of entrepreneurship is best demonstrated by this decision?
Which of the following best describes the relationship between entrepreneurship and economic growth?
Which of the following best describes the relationship between entrepreneurship and economic growth?
According to the content, what is the primary distinction between opportunistic and craftsman entrepreneurs?
According to the content, what is the primary distinction between opportunistic and craftsman entrepreneurs?
An entrepreneur is considering launching a new product line. Which of the following actions best demonstrates their ability to 'identify opportunities'?
An entrepreneur is considering launching a new product line. Which of the following actions best demonstrates their ability to 'identify opportunities'?
Which function of an entrepreneur directly involves the practical application of new ideas or methods?
Which function of an entrepreneur directly involves the practical application of new ideas or methods?
How does intrapreneurship differ from traditional entrepreneurship, according to the content?
How does intrapreneurship differ from traditional entrepreneurship, according to the content?
An employee develops a new process within their company that significantly reduces waste and increases efficiency. This individual is most accurately described as a(n):
An employee develops a new process within their company that significantly reduces waste and increases efficiency. This individual is most accurately described as a(n):
Which of the following qualities is most essential for an entrepreneur when making critical business decisions in a rapidly changing market?
Which of the following qualities is most essential for an entrepreneur when making critical business decisions in a rapidly changing market?
Given limited resources, an entrepreneur needs to decide between investing in marketing or product development. Which entrepreneurial function is most applicable to this scenario?
Given limited resources, an entrepreneur needs to decide between investing in marketing or product development. Which entrepreneurial function is most applicable to this scenario?
Flashcards
Entrepreneurship & Growth
Entrepreneurship & Growth
Positive correlation between entrepreneurship and economic growth.
Entrepreneur (definition)
Entrepreneur (definition)
A business person who takes risks to bring together production means for profit.
Opportunistic Entrepreneurs
Opportunistic Entrepreneurs
Entrepreneurs using formal education to employ adaptive strategies.
Craftsman Entrepreneurs
Craftsman Entrepreneurs
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Qualities of Entrepreneurs
Qualities of Entrepreneurs
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Entrepreneur Functions
Entrepreneur Functions
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Intrapreneurship
Intrapreneurship
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Intrapreneurship meaning
Intrapreneurship meaning
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Entrepreneurship (Production)
Entrepreneurship (Production)
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Entrepreneurship Attributes
Entrepreneurship Attributes
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Successful Entrepreneurship
Successful Entrepreneurship
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Entrepreneurship as Economic Activity
Entrepreneurship as Economic Activity
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Entrepreneurship and Innovation
Entrepreneurship and Innovation
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Profit Potential
Profit Potential
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Risk Bearing
Risk Bearing
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Study Notes
Introduction to Entrepreneurship
- Entrepreneurship is defined from various perspectives.
- Entrepreneurship involves innovation and risk-taking for profit in business ventures.
- Entrepreneurship combines production factors in the right proportion for optimal output and profit.
- According to Walter (1999), entrepreneurship based on an ability to perceive opportunities, willingness to act, and possessing organizational skills.
Requirements for Successful Entrepreneurship
- According to Akinnawo (2020), the requirements include identifying unmet needs, conceptualizing ideas, fostering creativity, taking risks, organizing resources, and building team spirit.
Characteristics of Entrepreneurship
- Economic Activity: Creating and operating an enterprise to generate value and wealth.
- Innovation: Continuously searching for new ideas.
- Profit Potential: Profit is the reward for the undertaken risks.
- Risk Bearing: The willingness to bear risks when making new ideas.
Objectives of Entrepreneurship for Students
- Helps students see starting a small business as a viable employment option after graduation.
- Students will appreciate the essence of identifying and satisfying a need in business.
- Students are exposed to the business world and opportunities to start ventures.
- Introduces students to the requirements for starting and managing a business.
Impact of Entrepreneurship on Society
- Contributes to society's wealth by creating new markets, industries, technologies, and jobs.
- Creation of jobs leads to a better living conditions for people.
- There is a positive correlation between entrepreneurship activity and economic growth.
- Entrepreneurship promotes job creation and increases overall wealth.
What is an Entrepreneur?
- The term entrepreneur is borrowed from French and defined by Irish economist Richard Cantilon.
- According to Osifeso (2012), entrepreneurs take the risk of combining production and receiving profit based on market value.
- Entrepreneurs coordinate production factors, take on risk, and invest scarce resources into business ventures (Ameh, 2022).
Types of Entrepreneurs
- Entrepreneurs are categorized into two broad types.
- Opportunistic Entrepreneurs: Use strategies developed from formal education to run adaptive firms.
- Craftsman Entrepreneurs: Benefit from technical education outside general education to create their adaptive firms.
- Four other types are: Future, Potential, Existing and Growth-oriented entrepreneurs.
Qualities of Entrepreneurs
- Ability to identify new opportunities
- Creativity in organizing resources
- Ability to generate new ideas
- Future oriented
- Ability to make economic decisions
- Possesses a high need for achievement
- Strong leadership ability
Functions of an Entrepreneur
- Identifying business opportunities
- Selecting opportunities
- Deciding on the business form
- Allocating resources
- Business management
- Risk bearing
- Mobilizing local raw materials
- Innovation
Concept of Intrapreneurship
- Employees in private and public organizations demonstrating entrepreneurial spirit in their management.
- Intrapreneurs are employees who exhibit characteristics of entrepreneurs within another's employment.
- "Intra" means "within"
- Intrapreneurship plants the spirit of entrepreneurship inside an organization.
- Intrapreneurs believe in change without fearing failures.
- They will initiate creativity and innovation in products/services/systems, so that the company can be more successful.
- Intrapreneurs take risks, and they are creative/thoughtful/innovative, ensuring organization success and creating a competitive edge.
Entrepreneur vs Intrapreneur
- Entrepreneurs set up businesses with their ideas and is a risk-taker.
- An intrapreneur is an employee following and initiating ideas for a business owner.
- Entrepreneurs are their own boss, makes own decisions, and executes those decisions.
- Intrapreneurs are salaried employees requiring concurrence from the owner.
- Entrepreneurs face uncertain and unlimited rewards.
- Intrapreneurs have a fixed salary and standard benefits.
- Entrepreneurs are independent in their operations.
- Intrapreneurs are dependent on the owner or the business owner for resources.
- Entrepreneurs must raise funds for their businesses.
- Intrapreneurs rely on the company to raise funds.
- Entrepreneurs use their own funding and other resources.
- Intrapreneurs use resources the company provides for them.
- Entrepreneurs bear the risk of the business's success.
- Intrapreneurs do not bear the risk, the company does.
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Description
Explore the essence of entrepreneurship from diverse viewpoints. Understand its core aspects, including innovation, risk-taking, and profit generation in ventures. Learn about the key requirements such as identifying needs and fostering creativity for entrepreneurial success.
