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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?

    <p>Results and achievement</p> Signup and view all the answers

    Which function of management involves correcting deviations from plans?

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

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

    <p>Ratio analysis</p> Signup and view all the answers

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

    <p>Quantitative Analysis</p> Signup and view all the answers

    Which of the following can affect business performance?

    <p>Good leadership</p> Signup and view all the answers

    Why does the Government use business performance information?

    <p>To monitor tax purposes</p> Signup and view all the answers

    What do customers use business performance information for?

    <p>To check for quality products</p> Signup and view all the answers

    What do business managers use business performance information for?

    <p>To monitor profitability, survival, and control</p> Signup and view all the answers

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

    <p>To monitor employee performance</p> Signup and view all the answers

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

    <p>76%</p> Signup and view all the answers

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

    <p>34 million</p> Signup and view all the answers

    What percentage of all innovations are due to entrepreneurs?

    <p>2-3%</p> Signup and view all the answers

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

    <p>Both financial and self-satisfaction</p> Signup and view all the answers

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

    <p>Great standards of living</p> Signup and view all the answers

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

    <p>All of the above</p> Signup and view all the answers

    What is one of the characteristics of entrepreneurship?

    <p>It is not an encumbrance to an economy</p> Signup and view all the answers

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

    <p>It heads a nation towards better opportunities</p> Signup and view all the answers

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

    <p>To convert an entrepreneur's dream into reality</p> Signup and view all the answers

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

    <p>Financial, Operating, Human, and Information</p> Signup and view all the answers

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

    <p>Adaptability of human resources towards the changed environment</p> Signup and view all the answers

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

    <p>Creating a new venture and running it successfully</p> Signup and view all the answers

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

    <p>To ensure the survival and growth of the business</p> Signup and view all the answers

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

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

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

    <p>Converting an entrepreneur's dream into reality</p> Signup and view all the answers

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

    <p>Adaptability of human resources to the changed environment</p> Signup and view all the answers

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

    <p>Adapting to changing business dynamics</p> 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?

    <p>51 per cent</p> 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?

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

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

    <p>Sensing an opportunity</p> Signup and view all the answers

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

    <p>To persuade others of their vision</p> Signup and view all the answers

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

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

    What is the final stage of the entrepreneurial process?

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

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

    <p>To have a clear understanding of the concept</p> 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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