ENTERPRENEUR

Which of the following is NOT a characteristic of successful entrepreneurs.

• Innovation

• Commitment and self-motivation

• Multiskilled

• Indecisiveness

Which of the following is NOT the importance of INNOVATION for successful entrepreneur?

• A service industry can expand with another type of service to fulfilling the ever changing needs of their clients.

• Entrepreneur must be able to carve a new niche in the market, attract customers in innovative ways and present his/her business as being different from others in the same market.

• It is never an easy option to set up and run your own business.

Which of the following is NOT the importance of MULTISKILLED for successful entrepreneur?

• An entrepreneur will have to make the product (or provide the service), promote it, sell it and keep accounts.

• These different business tasks require a person who has many different qualities, such as being keen to learn technical skills, being able to get on with people and being good at handling money and keeping accounting records.

• A willingness to work hard, keen ambition to succeed, energy and focus are all essential qualities of a successful entrepreneur

Which of the following is NOT the importance of COMMITMENT AND SELF-MOTIVATION for successful entrepreneur?

• A willingness to work hard, keen ambition to succeed, energy and focus are all essential qualities of a successful entrepreneur.

• It is hard work and may take up many hours of each day.

• The entrepreneur will have to lead by example and must have a personality that encourages people in the business to follow them and be motivated by them.

Which of the following is NOT the challenges faced by entrepreneurs?

• Competition

• Sourcing capital (finance)

• Determining a location

• Risk taking

Which of the following is NOT the example of opportunity cost?

• Someone gives up going to see a movie to study for a test in order to get a good grade. The opportunity cost is the cost of the movie and the enjoyment of seeing it.

• Jill decides to take the bus to work instead of driving. It takes her 60 minutes to get there on the bus and driving would have been 40, so her opportunity cost is 20 minutes.

• None

Which of the following is NOT the example of opportunity cost?

• When the government spends $15 billion on interest for the national debt, the opportunity cost is the programs the money might have been spent on, like education or healthcare.

• Tony buys a pizza and with that same amount of money he could have bought a drink and a hot dog. The opportunity cost is the drink and hot dog.

• None

Why a country is likely to benefit from expansion of its business enterprises?

• Because when business grow they employ a large number of workers, add considerably to economic growth and will take the place of declining businesses that may be forced to close.

• New businesses tend to be innovative and this creativity adds dynamism to an economy. This creativity can rub of on to other businesses and help to make the nation’s business sector more competitive.

• All is correct.

Explain the difference between a charity and a social enterprise.

• A social enterprise can and often keep some off any profit made for themselves.

• A charity on the other hand is formed solely to carry out welfare programs and is dependent upon donations to carry out its mission. It does not do any business activities as such to make any profits.

• All is correct.

Land, Labour, Capital are factors of production that a new hairdressing business will require.

• True

• False