Entrepreneurship Revision

Which is the correct definition of an entrepreneur

• Someone who owns a business.

• A person who organises and manages an enterprise, especially a business, usually with considerable initiative and risk.

• A group of people making a business.

• A person who buys another person's business.

Which of the following are NOT characteristics of an entrepreneur? There is more than one answer.

• Risk taking

• Problem solving

• Hard working

• Energetic

• Creativity

Why is it important for an entrepreneur to have problem solving skills?

• They can find solutions and turn such problems into opportunities. Problem solving relates to all aspects of business.

• So they can identify problems quickly and make the necessary changes.

• They are able to see where things go wrong.

• They need to be able to find solutions quickly.

Which is the correct definition of a social entrepreneur?

• these types are seen to do innovative/ creative things within the workplace

• they run their own business

• involves individuals with innovative solutions to society’s most pressing social problems

Which is the correct definition of a commercial entrepreneur?

• these types are seen to do innovative/ creative things within the workplace

• they run their own business

• involves individuals with innovative solutions to society’s most pressing social problems

Which is the correct definition of a corporate/intrapreneur?

• these types are seen to do innovative/ creative things within the workplace

• they run their own business

• involves individuals with innovative solutions to society’s most pressing social problems

Angel investors give more favourable terms than other lenders, as they are usually investing in the person rather than the viability of the business. They are focused on helping the business succeed, rather than reaping a huge profit from their investment.

• True

• False

A venture capitalist is an investor who provides capital to start-up ventures or supporter’s small companies that wish to expand but do not have access to public funding. Venture capitalists are willing to invest is such companies because they can earn a massive return on their investments if these companies are a success.

• True

• False

Crowdfunding is the practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet.

• True

• False

An entrepreneur needs to have a number of business skills to be successful in their ventures. Which of the following are NOT one of these skills:

• Record keeping

• Leadership

• Creativity

• Risk management