BPK20802 ENTREPRENEURSHIP

Through entrepreneurial activities, consumers get to choose products or services best suited to their needs and budgets.

• TRUE

• FALSE

Entrepreneurship can be defined as the activity of setting up a business or businesses, and taking on financial risks in the hope of making profit.

• TRUE

• FALSE

Richard Cantillon termed ‘entrepreneur’ as an innovator who introduced new innovations to replace old products and old ways of doing things and he described the process as ‘creative destruction’.

• TRUE

• FALSE

Which of the following are the most common characteristics of entrepreneurs?

• Creative, innovative, resourceful, and possess a high level of initiative.

• Willingness to work hard to achieve aspired objectives with a high degree of commitment, determination, perseverance, tenacity and discipline.

• Possess the ability to take calculated risks, exhibit tolerance for ambiguity and the ability to accept failure.

• Possess the ability to think independently, exhibit high level of self-confidence, optimistic and believe in controlling one’s own destiny.

• All answer are correct.

The benefits of running an online business include the following, except

• Timeless access, i.e. 24 hours a day, 7 days a week.

• Border less access, i.e. opportunities to manage the business from anywhere in the world.

• Cost savings.

• Improved delivery of products.

• Personalized customers’ services.

NEP and NDP achieved many of its stated objectives on poverty eradication and employment restructuring. However, there were repercussions as the economic policies and strategies ‘positive discrimination’ of helping Bumiputera were seen as discriminatory towards Non-Bumiputera.

• TRUE

• FALSE

The core principles of the New Economic Model (NEM) are high income, inclusiveness and sustainability. NEM envisioned for the economy of Malaysia to be market-led, well-governed, regionally integrated, entrepreneurial and innovative.

• TRUE

• FALSE

Which of the following statements is incorrect about New Economic Policy (NEP) objective and strategies?

• The NEP was formulated to eradicate poverty by raising income levels and increasing employment opportunities for all Malaysians, irrespective of race.

• The NEP was formulated to accelerate the process of restructuring Malaysian society to correct economic imbalances, so as to reduce and eventually to eliminate the identification of race by economic function.

• NEP strategies included focusing on restructuring of racial composition in employment and on the restructuring of wealth ownership.

• The NEP also focused on the creation of a Malay Commercial and Industrial Community, later known as Bumiputera Commercial and Industrial Community (BCIC).

• The NEP was formulated to spearhead Malaysia’s progress in high-technology industries.

The following were the National Vision Policy directions (NVP–OPP3, 2001), EXCEPT:

• Developing Malaysia into a knowledge-based society.

• Eliminating poverty in remote areas and among the aborigines and Bumiputera minorities in Sabah and Sarawak, as well as increasing the income and raising the quality of life of those in the lowest 30% income category.

• Achieving effective Bumiputera participation as well as equity ownership of at least 30% by 2010.

• Increasing Bumiputera participation in the economy leading sectors.

• Spearheading Malaysian economy in strategic sectors.

A business can be defined as ‘All forms of activities such as trade, craft, occupation, profession or other activity which seeks to gain profit’.

• TRUE

• FALSE