Understanding Entrepreneurship and Entrepreneurs

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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?

Peter Drucker (D) Signup and view all the answers

What is essential for entrepreneurs according to Peter Drucker?

Effectiveness and efficiency (C) Signup and view all the answers

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

Innovation through new combinations (B) Signup and view all the answers

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

The creation stage of the organization (D) Signup and view all the answers

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

The behaviors of individuals (B) Signup and view all the answers

What is the relationship between entrepreneurship and small business ownership?

Entrepreneurship ends as soon as small business ownership starts (B) Signup and view all the answers

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

To manage the organization (C) Signup and view all the answers

What is the driving force behind entrepreneurship?

Creative destruction and continual change (A) Signup and view all the answers

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

The creation or extraction of value (D) Signup and view all the answers

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

The stage of organization creation they are in (A) Signup and view all the answers

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

A growth mindset that believes in the power of effort and teamwork (A) Signup and view all the answers

What is NOT a defining characteristic of an entrepreneur?

Working in a large company (C) Signup and view all the answers

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

Their ability to take risks and create value (A) Signup and view all the answers

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

They had a growth mindset and took on financial risks (B) Signup and view all the answers

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

They do not have a growth mindset (C) Signup and view all the answers

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

OMR 100,000 - less than 500,000 (B) Signup and view all the answers

What is the primary motivation of an intrapreneur?

To leverage existing resources and networks within a company (B) Signup and view all the answers

What is a key characteristic of entrepreneurs?

Self-motivation to perform the task (A) Signup and view all the answers

Why are entrepreneurs important to the economy?

They contribute to employment, innovation, competition, community well-being and economic growth (D) Signup and view all the answers

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

1-5 workers (D) Signup and view all the answers

What is the main goal of an entrepreneur?

To increase individual wealth and ownership (D) Signup and view all the answers

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

20% (D) Signup and view all the answers

What is the primary purpose of a Pareto chart?

To indicate the frequency of defects and their cumulative impact (B) Signup and view all the answers

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

Fish bone (A) Signup and view all the answers

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

It is distinctly different (A) Signup and view all the answers

What is the role of entrepreneurial project managers in business?

To actualize ideas and create products and services (A) Signup and view all the answers

What are the stages of the Tukman Ladder?

Forming, Storming, Norming, Performing, Adjourning (A) Signup and view all the answers