Understanding Entrepreneurship and Entrepreneurs
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Questions and Answers

What is the meaning of the French root 'entreprendre' from which the word 'Entrepreneur' is derived?

  • to be an innovator
  • to create a business
  • to set about, go to work on (correct)
  • to take a risk

    • According to J.B.Say, who is an entrepreneur?

  • A person who creates value through innovation
  • A person who maximizes opportunities
  • A person who bears the risk of profit or loss
  • A person who brings different factors of production together (correct)

    • What is the biggest challenge in the study of entrepreneurship over the past 200 years?

  • Defining entrepreneurship
  • Predicting entrepreneurship
  • Developing a theory of entrepreneurship
  • All of the above (correct)

    • Who defined an entrepreneur as a person who maximizes opportunities and is an innovator?

    <p>Peter Drucker</p> Signup and view all the answers

    What is essential for entrepreneurs according to Peter Drucker?

    <p>Effectiveness and efficiency</p> Signup and view all the answers

    What is the common characteristic among entrepreneurs according to Economist Schumpeter?

    <p>Innovation through new combinations</p> Signup and view all the answers

    What is the key aspect of entrepreneurship that differentiates it from small business ownership?

    <p>The creation stage of the organization</p> Signup and view all the answers

    What is the focus of entrepreneurship when examining the link to organization creation?

    <p>The behaviors of individuals</p> Signup and view all the answers

    What is the relationship between entrepreneurship and small business ownership?

    <p>Entrepreneurship ends as soon as small business ownership starts</p> Signup and view all the answers

    What is the primary role of an entrepreneur during the growth stage of an organization?

    <p>To manage the organization</p> Signup and view all the answers

    What is the driving force behind entrepreneurship?

    <p>Creative destruction and continual change</p> Signup and view all the answers

    What is the primary focus of studying entrepreneurship as a phenomenon?

    <p>The creation or extraction of value</p> Signup and view all the answers

    What is the distinction between an entrepreneur and a small business manager?

    <p>The stage of organization creation they are in</p> Signup and view all the answers

    What is an important characteristic of an entrepreneur's mindset?

    <p>A growth mindset that believes in the power of effort and teamwork</p> Signup and view all the answers

    What is NOT a defining characteristic of an entrepreneur?

    <p>Working in a large company</p> Signup and view all the answers

    What is the key difference between an entrepreneur and a successful employee?

    <p>Their ability to take risks and create value</p> Signup and view all the answers

    Why did Said Al Mawali and Yaqoob Al Zadjali start Pappa Roti Oman?

    <p>They had a growth mindset and took on financial risks</p> Signup and view all the answers

    What is the main reason why not all successful employees become entrepreneurs?

    <p>They do not have a growth mindset</p> Signup and view all the answers

    What is the annual sales range for a small enterprise in Oman according to the MoCI's criteria?

    <p>OMR 100,000 - less than 500,000</p> Signup and view all the answers

    What is the primary motivation of an intrapreneur?

    <p>To leverage existing resources and networks within a company</p> Signup and view all the answers

    What is a key characteristic of entrepreneurs?

    <p>Self-motivation to perform the task</p> Signup and view all the answers

    Why are entrepreneurs important to the economy?

    <p>They contribute to employment, innovation, competition, community well-being and economic growth</p> Signup and view all the answers

    What is the head count range for a micro enterprise in Oman according to the MoCI's criteria?

    <p>1-5 workers</p> Signup and view all the answers

    What is the main goal of an entrepreneur?

    <p>To increase individual wealth and ownership</p> Signup and view all the answers

    What percentage of customers are responsible for 80% of complaints?

    <p>20%</p> Signup and view all the answers

    What is the primary purpose of a Pareto chart?

    <p>To indicate the frequency of defects and their cumulative impact</p> Signup and view all the answers

    What is the name of the structured brainstorming tool used to explore root causes of an undesirable effect?

    <p>Fish bone</p> Signup and view all the answers

    What is the primary difference between the approach of PM in SMEs and large scale organizations?

    <p>It is distinctly different</p> Signup and view all the answers

    What is the role of entrepreneurial project managers in business?

    <p>To actualize ideas and create products and services</p> Signup and view all the answers

    What are the stages of the Tukman Ladder?

    <p>Forming, Storming, Norming, Performing, Adjourning</p> Signup and view all the answers

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