Entrepreneurship

You normally repair small appliances for your neighbours free of charge. Realizing your talent, you invest in some test equipment and started charging a fee. You can now be called an

• employee

• electrician

• entrepreneur

• odd-job man

Entrepreneurship is the capacity and willingness to

• create a business opportunity

• manage a business belonging to someone else

• take a business beyond the development stage

• develop, organize and manage a business venture

Which of the following is NOT a characteristic of an entrepreneur?

• Low work ethic

• Good technical skills

• Key personal attributes

• Strong managerial competencies

Which of the following situations leads to entrepreneurship opportunities?

• Self-employment

• Employment in a large organization

• Employment in a small organization

• Temporary employment when permanent staff is on leave

A feasibility study will enable an entrepreneur to:

• Decide to start up a new enterprise

• Borrow money in order to buy start up equipment

• Choose how to market the products

• Identify a business name for a new business

Self-actualization is most likely to be achieved when:

• an entrepreneur sets up a new enterprise

• an entrepreneur works long hours with few breaks

• an entrepreneur is able to be creative and fulfilled

• an entrepreneur is able to make a profit from the enterprise

A primary source of information that would help in creating a business plan would be:

• Government statistics about market trends

• Existing published material from a market research company

• An entrepreneur's previous experiences of running similar business

• Pamphlets about starting a business from the chamber of commerce

Which is NOT a success factor of a business?

• Competitiveness

• Efficiency

• Following the business plan

• Customer satisfaction

An entrepreneur records details of the number of clients he sees and how much time he spends with each. Which success factor of entrepreneurship is he practising?

• management of marketing and promotion

• management of production and efficiency

• management of quality control and product testing

• management of customer satisfaction and expectation

All of the following, EXCEPT one, are advantages of starting one’s own business. Identify the exception.

• The entrepreneur gain personal satisfaction from seeing an idea comes to fruition.

• The entrepreneur can make decisions in a timely manner.

• The entrepreneur will experience greater independence in making business decisions.

• The entrepreneur is assured of a continued demand for the product or service.