18 Questions
One of the benefits an entrepreneur gets is to develop his managerial ______.
skills
Entrepreneurs are ______.
innovators
The word 'entrepreneur' was derived from the French verb enterprendre, which means 'to ______.'
undertake
Personality factors affecting entrepreneurship include: Initiative - doing things even before being ______.
told
Entrepreneurship can lift the economic status of an individual, improving the ______ of living.
standard
Entrepreneurs are willing to take ______ and generate unique ideas.
risks
Risk bearing – The entrepreneur needs to gamble but wise enough to offset the ______
risk
Types Of Entrepreneurs 1. Innovative Entrepreneur They are those who always make new things by thinking of new ideas. They have the ability to think newer, better, and more economical ______
ideas
Imitating Entrepreneurs They are those who don’t create new things but only follow the ideas of other ______
entrepreneurs
Fabian Entrepreneurs They are skeptical about changes to be made in the organization. They don’t initiate but follow only after they are ______
satisfied
Social Entrepreneurs They are those who initiate changes and drive social innovation and transformation in various fields such as education, health, human rights, environment, and enterprise ______
development
Career Opportunities of Entrepreneurship 1. Business Consultant - with the expertise in the field of entrepreneurship, he can be a very good source of advice to other entrepreneurs and would-be ______
businessmen
A Planner - he makes plans before doing things and does not fail to monitor it. A ______-taker - which means that he is willing to gamble but he will calculate it first.
Risk
Environmental Factors which include political, climate, legal system, economic and social conditions and market situations. Common Competencies in Entrepreneurship 1. Decisive - an entrepreneur must be firm in making decisions. 2. ______ - an entrepreneur must have a convincing power.
Communicator
Leader - an entrepreneur must have the charisma to be obeyed by his employees. Opportunity seeker - an entrepreneur must have the ability to be the first to see business chances. Proactive – an entrepreneur can control a situation by making things happen or by preparing for possible future problems. Risk Taker – an entrepreneur has the courage to pursue business ideas. Innovative - the entrepreneur has big business ideas, and he does not stop improving and thinking of new worthwhile ideas for his business. Core Competencies in Entrepreneurship 1. Economic and Dynamic Activity - Entrepreneurship is an economic activity because it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of limited resources. 2. ______ – The entrepreneur constantly looks for new ideas, thus he needs to be creative.
Innovative
Profit Potential - The entrepreneur can be compensated by his profit coming from the operation. ______ Competencies in Entrepreneurship 1. Economic and Dynamic Activity - Entrepreneurship is an economic activity because it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of limited resources.
Core
A Planner - he makes plans before doing things and does not fail to monitor it. ______-taker - which means that he is willing to gamble but he will calculate it first. Environmental Factors which include political, climate, legal system, economic and social conditions and market situations.
Risk
Common Competencies in Entrepreneurship 1. Decisive - an entrepreneur must be firm in making decisions. 2. ______ - an entrepreneur must have a convincing power.
Communicator
Study Notes
Relevance of Entrepreneurship to an Organization
- Entrepreneurship develops managerial capabilities, enabling entrepreneurs to improve their skills.
- It creates organizations, leading to the existence of many businesses.
- Entrepreneurship improves the standard of living, lifting the economic status of individuals.
- It contributes to economic development, improving the society where the business is located.
Concept of Entrepreneurship
- The word "entrepreneur" comes from the French verb "entreprendre," meaning "to undertake."
- Entrepreneurs are innovators who take risks and generate unique ideas to solve market and societal needs.
- They create enterprises, making entrepreneurship a process.
Factors Affecting Entrepreneurship
- Personality factors: • Initiative: taking action without being told • Proactive: seizing opportunities and classifying them • Problem solver: maintaining good relationships with others • Perseverance: pursuing goals despite challenges • Persuasion: enticing people to buy even if they don't want to
- Risk bearing: entrepreneurs need to take calculated risks
- Environmental factors: • Political, climate, legal, economic, and social conditions • Market situations
Types of Entrepreneurs
- Innovative entrepreneurs: create new ideas and think outside the box
- Imitating entrepreneurs: follow others' ideas
- Fabian entrepreneurs: skeptical of change and follow only after being satisfied
- Drone entrepreneurs: conservative and willing to suffer losses
- Social entrepreneurs: drive social innovation and transformation in various fields
Career Opportunities in Entrepreneurship
- Business consultant: advising other entrepreneurs and businesses
- Teacher: teaching entrepreneurship and related fields
- Researcher: employed by an enterprise to conduct research
- Sales: applying as a salesman
- Business reporter: reporting on business news and trends
- Planner: making plans and monitoring them
Common Competencies in Entrepreneurship
- Decisive: making firm decisions
- Communicator: convincing and persuading others
- Leader: having charisma and being obeyed by employees
- Opportunity seeker: identifying business opportunities
- Proactive: controlling situations and preparing for the future
- Risk taker: pursuing business ideas despite risks
- Innovative: constantly improving and thinking of new ideas
Core Competencies in Entrepreneurship
- Economic and dynamic activity: creating value and wealth by optimizing resources
- Innovative: constantly looking for new ideas and being creative
- Profit potential: being compensated by profits from operations
Test your knowledge on the different types of entrepreneurs including innovative, imitating, and Fabian entrepreneurs. Learn about their characteristics and approaches to business.
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