Types of Entrepreneurs Lecture 2
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Questions and Answers

Which type of entrepreneur is known for benefiting from a large volume of sales by offering discount prices and operating with very low overheads?

  • Acquirers
  • Inventors
  • Self-Employed
  • Economy of scale exploiters (correct)
  • What distinguishes Opportunistic Entrepreneurs from Self-Employed entrepreneurs?

  • Self-Employed entrepreneurs hire other employees.
  • Opportunistic Entrepreneurs operate on a small scale.
  • Opportunistic Entrepreneurs focus on hiring others to expand the business. (correct)
  • Self-Employed entrepreneurs lack the necessary expertise.
  • Which type of entrepreneur buys a company to improve it and then sells it for a profit?

  • Acquirers
  • Buy-Sell Artists (correct)
  • Economy of Scale Exploiters
  • Inventors
  • What defines Economy of Scale Exploiters among the types of entrepreneurs listed?

    <p>They offer discount prices and operate with low overheads.</p> Signup and view all the answers

    Which type of entrepreneur starts businesses based on models developed by others, like franchise operations or chain stores?

    <p>Pattern Multipliers</p> Signup and view all the answers

    What is a common characteristic of Speculators?

    <p>They bear the uncertainties and risks of the business.</p> Signup and view all the answers

    Which group assumes operating responsibilities subject to specifications set out by another party?

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

    What is a key function of Entrepreneurs in business that involves activities such as organizing, coordinating, leading, and evaluating?

    <p>Managing the business</p> Signup and view all the answers

    What distinguishes an Internal Entrepreneur from a Franchisee?

    <p>Creating new ideas</p> Signup and view all the answers

    What type of entrepreneur needs to establish their own business in order to survive?

    <p>Necessity Entrepreneur</p> Signup and view all the answers

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