According to one definition, an entrepreneur is an “individual who starts a new business,” and that’s true as far as it goes. UMER SALEH FA11/BBA/123/CIIT/ISB Entrepreneurship MCQS Guide SECTION 1 1. In areas where these factors are present, you can expect to see strong and consistent entrepreneurial growth. One of the many benefits offered when being an entrepreneur is, having time to spend with your family. Answer the following questions in about 15 words: Who is an Intrapreneur? Though salaries vary, working for a successful start-up can also end up being incredibly lucrative, not to mention an exciting experience. It’s not uncommon, considering the ease of use, security and convenience of a fax machine; yet, there are serious disadvantages too. Every entrepreneur has a different story about why he or she decided to start a business. Another definition identifies an entrepreneur as someone who uses “resources to implement innovative ideas for new, thoughtfully planned ventures,” (Canadian Foundation for Economic Education, 2008) which is also true as far as it goes. An entrepreneur is someone who identifies and acts on an idea or problem that no one else has identified or acted on. Enjoying what you do and feeling passionate about your work will make you a happier person in the long term. Can choose a business of interest b. This means they can have access to finances, R&D, an established sales force, an existing brand, distribution channels an established customer base, and more. These conditions may have both positive and negative influences on the emergence of entrepreneurship. Which one is NOT an advantage of Entrepreneurship a. You can be creative c. Make a lot of money d. You will be more independent to make decisions alone An advantage of the small firm in the innovation process? The man behind the entrepreneurship is an action-oriented and highly motivated individual who is ready to achieve goals. You do not have a guaranteed income when working as an entrepreneur. Each entrepreneur must weigh the pros and the cons carefully and decide whether or not the risk is worth the reward. All the successful entrepreneurs like Bill Gates (Microsoft), Warren Buffet (Hathaway), Gordon Moore (Intel) Steve Jobs (Apple Computers), Jack Welch (GE) GD Birla, Jamshedji Tata and others all went through this process. What is Entrepreneurship? M. Kirzner (1973) observes entrepreneurs as; “one who perceives what others have not seen and acts upon that perception”. In fact, you’ll probably have less free time than you’d have working for someone else. But be aware of non-compete clauses in your employment contract. Which advantages exist for the potential entrepreneur in using exhibits to gain information and products or markets? For many entrepreneurs and small business owners, a forty-hour workweek is a myth; see Figure 5.6 “The Entrepreneur… There … ... then the world of free enterprise may not be right for you. C) is like putting all your eggs in one basket. In a paragraph, make a claim about the advantages of entrepreneurship and free enterprise. A) does not provide the entrepreneur an opportunity to build up specialized knowledge and expertise. The 5 Types of Entrepreneurs. The advantages and disadvantages of entrepreneurship and free enterprise involve new paths to achieve your full potential. 6. Entrepreneurship is influenced by four distinct factors: economic development, culture, technological development and education. With this definition, entrepreneurship is viewed as change, which may include other values than simply economic ones. Start studying Entrepreneurship Test. The Corporate Entrepreneurship is the process by which teams work in an established company, conceive, encourage, launch and manage a new business that even while being new and therefore different from that of the parent company, leverages assets, Market positioning, capabilities and other resources. NCERT Solutions for Class 11 Entrepreneurship Chapter 2 An Entrepreneur TEXTBOOK QUESTIONS SOLVED Question 1. It’s not going to happen. That said, there are five general steps that most, if not all, successful entrepreneurs have followed: 1. B) provides substantial protection against competitors. Working in a business like the one you want to launch is a great way to learn the ropes. In theory, you have the freedom to take time off, but in reality, you may not be able to get away. Both being an employee and being an entrepreneur have their own advantages and disadvantages. Understanding which type of entrepreneur you are – and are not – can often lend insight into the things you will be good at, not good at and how to bring your idea to life. This combination of recognizing an opportunity to bring something new to the world and acting on that opportunity is what distinguishes an entrepreneur from a small business owner. Here are a few benefits and drawbacks that a corporate entrepreneur may face within an organization Pros: Resources are readily available. Social entrepreneurship is a process through which we try to resolve social entrepreneurship problems and issues by the use of social entrepreneurship business techniques. Your corporate and salaried people do not feel empowered to make needed changes but you do. Entrepreneurship is a process, a journey, not the destination; a means, not an end. Your earning are unlimited. A.Education B.Gender C.Personal values D.Family background ANSWER: B Faxes are less convenient in some ways and require you to maintain them. 4.2 Types of Entrepreneur Researchers who have studied entrepreneurial behaviour suggest that there are different types of entrepreneurs. What works for one entrepreneur might not work for the next and vice versa. TRUE Difficulty: Medium p.58 Newness A) Development of a new product B) Take-over of a competitor C) Issuing shares D) Reducing prices 2. Sure, entrepreneurship can bring you freedom to work when and where you want, but you still have to work. Entrepreneurship creates an opportunity for a person to make a contribution. Learn more about the benefits of being an entrepreneur: 7 benefits of being an entrepreneur 1. a) Accumulation of Knowledge b) Marketability c) Delphi technique 8. Be sure to support your claim with reasons and evidence. Often people do not feel fully compensated for the work they do. The challenges associated with defining entrepreneur and entrepreneurship are explored, as is an overview of how entrepreneurship can be studied.. Also, address at least one counterclaim in your answer. An entrepreneur is a person who undertakes a venture with some profit potential and involving a considerable amount of risk and therefore, entrepreneurship is the venture undertaken by the entrepreneur. No one is available to you within the chain of command to provide you with guidance or advice. Innovators Advantages of Small-Business Ownership. D) can be thought of as taking a “portfolio” approach to dealing with uncertainties. The failure of an entrepreneurial idea… One way an entrepreneur can leverage this is by creating a “gig scheme” for her business. Let’s take a look at some different types of entrepreneurs, their roles, and how each type affects the success of the business: 1. 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