10 Questions
What responsibility does an entrepreneur have towards the local community?
Provide employment opportunities
How can an entrepreneur contribute to improving the standard of living in the community?
Granting scholarships to employees' children and other students
Why is it important for an entrepreneur to promote public relations?
To communicate business policies and activities to the public
What type of investments should an entrepreneur make to benefit the community?
Invest in businesses that provide employment opportunities
How can an entrepreneur show understanding towards the common man?
Provide information about business policies and activities
What is one way an entrepreneur can contribute to family welfare?
Providing employment facilities for disabled persons and orphans
Why should an entrepreneur invest capital in businesses that provide employment?
To create job opportunities for the local community
What role does an entrepreneur play in promoting small savings?
Encouraging employees to save money through various initiatives
How can an entrepreneur support socially useful programs of the country?
Providing encouragement for various initiatives like family welfare and small savings
What should an entrepreneur do to benefit disabled persons and orphans in the community?
Provide employment facilities suitable for disabled persons and orphans
Study Notes
Models of Entrepreneurship
- 10 most common types of entrepreneurship: small business, scalable startup, intrapreneurship, large company, imitative, innovative, buyer, researcher, hustler, and social entrepreneurship
Small Business Entrepreneurship
- Refers to small businesses created by one person without the goal to expand or franchise
- Example: opening a nail salon, general store, or taco truck
- Goal is to launch a single store with local employees or family members
- Requires direct investment of resources and driven, responsible, and committed entrepreneurs
- In 2020, there were 33.7 million small businesses in the US, accounting for 99.9% of companies
Innovative Entrepreneurship
- Constantly tries to come up with the next big thing
- Focuses on groundbreaking ideas for businesses or products that can become ventures
- Must be aware of current market conditions to find original and creative ways to disrupt them
- Innovation refers to product ideas and ways of conducting business
- Aims to change the status quo and push boundaries
Buyer Entrepreneurship
- Purchases either a developing or well-established company and helps them thrive
- Actively involved financially and personally in the business
- May hand off leadership to someone else at some point, but remains active in the business
- Unlike investors, buyer entrepreneurs are directly involved in the business
Functions of Entrepreneurs
- Entrepreneurial functions: taking initiative, organizing resources, identifying opportunities, risk-taking, decision making, technology transfer, innovation, fostering autonomy, social responsibility, public relations, experience sharing, managerial roles, and balanced economic development
- Managerial functions: planning, organizing, staffing, directing, controlling, leading, supervision, and coordination
- Planning involves selecting courses of action to achieve desired objectives
- Organizing involves defining and classifying activities and setting up authority relationships
- Staffing involves selecting, placing, and orienting personnel and is the most vital and complex activity among managerial operations
Test your knowledge on various models of entrepreneurship including small businesses, scalable startups, intrapreneurship, and more. Learn about the 10 most common types of entrepreneurship and their characteristics.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
