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Questions and Answers

What is the term used to describe the central role of coordination in business management?

Pillar of management

Principle of management

Essence of management

Centre of management (correct)

What is the primary responsibility of an entrepreneur in business management?

Ensuring staff discipline

Guaranteeing high staff remuneration

Overseeing all management functions (correct)

Managing customer relationships

How can an entrepreneur supplement their skills, experience, and knowledge?

Through online tutorials

By attending seminars and conferences

Via research and development

All of the above (correct)

What does business performance typically measure?

Results and achievement Signup and view all the answers

Which function of management involves correcting deviations from plans?

Controlling Signup and view all the answers

What is the process of relating financial statements in a proportionate form?

Ratio analysis Signup and view all the answers

What type of analysis is used for personal judgment and decision making?

Quantitative Analysis Signup and view all the answers

Which of the following can affect business performance?

Good leadership Signup and view all the answers

Why does the Government use business performance information?

To monitor tax purposes Signup and view all the answers

What do customers use business performance information for?

To check for quality products Signup and view all the answers

What do business managers use business performance information for?

To monitor profitability, survival, and control Signup and view all the answers

Which of the following is not a purpose of business performance analysis?

To monitor employee performance Signup and view all the answers

What percentage of new business establishments in 2003 were due to an aspiration to chase opportunities?

76% Signup and view all the answers

How many fresh employment opportunities were created by entrepreneurs from 1980?

34 million Signup and view all the answers

What percentage of all innovations are due to entrepreneurs?

2-3% Signup and view all the answers

What is one of the rewards that entrepreneurship provides to an individual?

Both financial and self-satisfaction Signup and view all the answers

What is one of the benefits that entrepreneurship provides to employees?

Great standards of living Signup and view all the answers

What is one of the causes of happiness for an entrepreneur?

All of the above Signup and view all the answers

What is one of the characteristics of entrepreneurship?

It is not an encumbrance to an economy Signup and view all the answers

What is one of the benefits of entrepreneurship to a nation?

It heads a nation towards better opportunities Signup and view all the answers

What is the primary purpose of gathering resources in a business enterprise?

To convert an entrepreneur's dream into reality Signup and view all the answers

What are the four categories of resources required for a business venture?

Financial, Operating, Human, and Information Signup and view all the answers

What is the most challenging aspect of adapting to changes in the business environment?

Adaptability of human resources towards the changed environment Signup and view all the answers

What is the primary task of an entrepreneur after arranging for resources?

Creating a new venture and running it successfully Signup and view all the answers

Why is it essential to continuously upgrade and adapt to changes in the business environment?

To ensure the survival and growth of the business Signup and view all the answers

What is the significance of resources in the process of creating a new venture?

Resources are essential for converting an entrepreneur's dream into reality Signup and view all the answers

What is the outcome of effectively arranging for resources in a business venture?

Converting an entrepreneur's dream into reality Signup and view all the answers

What is the primary challenge faced by entrepreneurs in adapting to changes in the business environment?

Adaptability of human resources to the changed environment Signup and view all the answers

What is a common challenge faced by entrepreneurs in today's competitive world?

Adapting to changing business dynamics Signup and view all the answers

What percentage of share capital must a woman entrepreneur have in a company or cooperative society to be considered a Women's Enterprise?

51 per cent Signup and view all the answers

What is the term used to describe a husband and wife who start and run a business venture together?

Copreneurs Signup and view all the answers

What is the first step in the entrepreneurial process, according to Timmons (1989)?

Sensing an opportunity Signup and view all the answers

What is the primary role of an entrepreneur in the entrepreneurial process?

To persuade others of their vision Signup and view all the answers

What is the characteristic of an entrepreneur who is able to see opportunities where others do not?

Visionary Signup and view all the answers

What is the final stage of the entrepreneurial process?

Constantly changing/adapting to market demands Signup and view all the answers

What is the purpose of an entrepreneur's 'vision' in the entrepreneurial process?

To have a clear understanding of the concept Signup and view all the answers

Study Notes

Business Management

Coordination is referred to as the Centre of management, as it plays a special role in business management.
The role of an entrepreneur in business management is to ensure that all the functions of management are carried out well.

Business Performance

Business performance is measured through its achievement and results.
Correction is usually done by the management of a business for the purpose of correction.
The following sets of stakeholders are all users of business performance information except laymen, farmers, and carpenters.
Business performance information is used by the government to check for tax purposes.
Customers who use business performance information are checking for quality products and improved customer care.
Business management uses business performance information to check for profitability, survival, and control.

Entrepreneurship

Provides employment to a huge mass of people; approximately 34 million fresh employment opportunities were created by entrepreneurs from 1980 to 2003.
Contributes towards research and development; almost 2-3% of all innovations are due to entrepreneurs.
Is a challenging opportunity for people; it rewards entrepreneurs at financial levels and also provides self-satisfaction.
Provides self-sufficiency; entrepreneurs not only become self-sufficient but also provide great standards of living to their employees.

Women Entrepreneurs

In 1988, the definition of Women Entrepreneurs' Enterprise was evolved, which termed an SSI unit/industry-related service or business enterprise managed by one or more women entrepreneurs.

Entrepreneurial Process

The entrepreneurial process can be viewed as a six-stage procedure:
- Seeing opportunities where others don't
- Having a clear understanding of the concept and vision
- Persuading others of their vision
- Gathering resources to make their vision a reality
- Organizing resources to create a new venture, product, or market
- Constantly changing/adapting themselves according to the changing demands of the market

Identifying an Opportunity

According to Timmons (1989), entrepreneurship is about sensing an opportunity where others see chaos, contradiction, and confusion.
Identification of an opportunity is the first step towards building and running a successful business enterprise.

Gathering Resources

Resources can be considered under four categories: Financial, Operating, Human, and Information.
Identifying an opportunity, establishing a vision, and persuading others to join is not enough; a business enterprise needs resources to become successful.

Creating New Venture

Once the entrepreneur has arranged for resources, the next step is the creation/establishment of the new venture and running the business venture successfully.

Changing/Adapting with Time

The entrepreneur needs to continuously keep the organization upgraded and abreast of changing times.
This involves not only the availability of funds for introducing change but also the adaptability of human resources towards the changed environment.

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