Means of Economic Development and Entrepreneurship
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Questions and Answers

What can hinder economic activity and entrepreneurship according to the text?

  • Higher income levels
  • Sophisticated technology
  • Desire for new products
  • Political protests (correct)

    • Which factor stimulates entrepreneurship according to the text?

  • Higher income levels of people (correct)
  • Irrational monetary policies
  • Fiscal policies
  • Unfair trade practices

    • What is a common competency required in entrepreneurship according to the text?

  • Lack of communication skills
  • Decisiveness in decision-making (correct)
  • Being a follower
  • Avoiding risks

    • Which environmental factor influences entrepreneurship based on the text?

    <p>Market situation</p> Signup and view all the answers

    What does being proactive mean for an entrepreneur according to the text?

    <p>Controlling a situation by making things happen</p> Signup and view all the answers

    Which factor can be a roadblock to the growth of entrepreneurship as per the text?

    <p>Unfair trade practices</p> Signup and view all the answers

    What is the primary meaning of the word 'entrepreneur'?

    <p>Someone who undertakes risk and enterprise</p> Signup and view all the answers

    Which of the following is NOT an essential factor for economic development according to the text?

    <p>Availability of venture capital</p> Signup and view all the answers

    Which of the following statements about entrepreneurship is TRUE according to the text?

    <p>It is a process of actions undertaken by an entrepreneur</p> Signup and view all the answers

    What is the primary role of an entrepreneur according to the text?

    <p>To provide solutions to market and societal needs</p> Signup and view all the answers

    What does the term 'intrapreneurship' refer to as per the text?

    <p>Entrepreneurial activities within a large organization</p> Signup and view all the answers

    Which of the following is NOT a characteristic of entrepreneurship?

    <p>Formal business education</p> Signup and view all the answers

    What does a Value Proposition (VP) summarize?

    <p>The reasons why consumers should buy the product or service</p> Signup and view all the answers

    How does an entrepreneur overcome society's resistance to change?

    <p>By using will power, enthusiasm, and energy</p> Signup and view all the answers

    What role does an entrepreneur play in economic development?

    <p>Accelerating the pace of economic development</p> Signup and view all the answers

    What is an example of a career opportunity for an entrepreneurship graduate?

    <p>Salesman</p> Signup and view all the answers

    How can an entrepreneur use his expertise in the field of entrepreneurship?

    <p>To provide advice to other entrepreneurs</p> Signup and view all the answers

    What is the primary benefit of recognizing and understanding the market for an entrepreneur?

    <p>Preparing for advertising and selling products effectively</p> Signup and view all the answers

    What is one reason why entrepreneurship is important to all countries?

    <p>Promotes economic growth</p> Signup and view all the answers

    How do entrepreneurs contribute to the economy?

    <p>By generating employment opportunities</p> Signup and view all the answers

    What is a direct benefit of entrepreneurship to the government?

    <p>Increased import duties</p> Signup and view all the answers

    Why is entrepreneurship education important?

    <p>To help individuals think of new ways to earn money</p> Signup and view all the answers

    What impact does entrepreneurial behavior have on a country?

    <p>Enhances growth and employment generation</p> Signup and view all the answers

    How has entrepreneurial activity contributed to many countries' economic growth?

    <p>By playing a significant role in enhancing economic growth</p> Signup and view all the answers

    What is market share?

    <p>The proportion of the total market a business can reasonably expect to have</p> Signup and view all the answers

    Which of the following is a common mistake made by new entrepreneurs?

    <p>All of the above</p> Signup and view all the answers

    What is the importance of recognizing different types of competitors?

    <p>All of the above</p> Signup and view all the answers

    What is the marketing mix?

    <p>All of the above</p> Signup and view all the answers

    What does the 'People' element of the 7P's of marketing mix refer to?

    <p>The employees and personnel involved in sales and marketing activities</p> Signup and view all the answers

    What is the recommended approach when developing a brand name?

    <p>Look at the product objectively, as an outside marketing consultant</p> Signup and view all the answers

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