Revision

Revision

6th Form

Entrepreneur

Someone who shows vision and creativity, taking the financial risk of starting and managing a new business venture.

Entrepreneurial Process

6th Form

The steps in the entrepreneurial process

1.Idea generation

2.Opportunity identification

3.Business concepts

4.Resources

5.Implementing and managing

6.Harvesting

Multiple Choice

Which of the following BEST describes an entrepreneur when starting or expanding a business?

• Opportunist

• Angel funder

• Venture capitalist

• Calculated risk taker

Multiple Choice

Every business venture starts with

• capital

• a market

• an idea

• an opportunity

Step 1

Idea generation

Methods of generating ideas

1.Brainstorming

2.Focus group

3.Check list

4.Problem inventory Analysis

5.Scenario thinking

6.The note book method

7.Reverse brainstorming

8.Delphi methodology

9.Gordon method

10.Free association

1.Brainstorming

It involves finding creative ways at gathering data and problem solving, arriving at various and unique solutions by using groups comprising of both subject experts and novices.

2.Focus Group

A controlled group interview of a target audience often led by a facilitator. A set series of questions are covered, and the result are used as a guide.

3.Checklist Method

This is defined as using a series of related questions and or statements to aid in the development of a new idea or ideas.

4.Problem Inventory Analysis

Somewhat similar to focus group as new ideas and solutions are obtained by presenting customers with the problems affecting a given product or item.

Multiple Choice

The process by which a small group of people interact to produce a large quantity of imaginative ideas is called

• idealization

• brainstorming

• mind mapping

• group thinking

5.Scenario Thinking

This process tries to anticipate the various possible outcomes to a particular situation.

6.The Notebook Method

A notebook is used to record the possible solutions to an existing problem or scenario. This is done constantly over a period of time and at the end of which, the best ideas are developed and further enhanced.

7.Reserve Brainstorming

This is a way of arriving at new ideas while looking at the negative aspects of the problems involved.

8.Delphi Methodology

This approach uses the knowledge of experts on a subject matter to arrive at the outcome. The panel of experts participate anonymously so that no one has an influence on the outcome.

Multiple Choice

Which of the following is NOT a method of generating a venture idea?

• Training

• Checklist

• Notebook

• Brainstorming

Multiple Choice

Which of the following is a characteristic of a business idea?

• Always abstract

• May look bad at first

• Always structured and systematic

• Requires more than one person to generate

Multiple Choice

The first step in the entrepreneurial process ESSENTIALLY involves

• idea generation

• resource mobilization

• opportunity identification

• business concept utilization

Multiple Choice

Which of the following factors distinguishes an entrepreneur from a traditional small business owner?

• Wealth

• Ability to innovate

• Number of start-ups

• Employment status