Entrepreneurship Recap

Which statement correctly defines entrepreneurship

• The act of starting a business

• The process of carrying out a survey, identifying an opportunity, and bringing together resources to initiate an economic gainful activity

• Running a business

Who is an entrepreneur?

• A person who carries out a survey, identifies an opportunity and brings together resources to initiate an economic gainful activity

• A business person

• Someone who owns a business

Needs are things we _____________

• don't really need but would like to have.

• must have in order to survive.

Wants are things we______________

• would like to have but don't really need.

• must have in order to survive.

Why is it important to save money?

• To waste itt

• To spend on others

• To be prepared for future needs

Which of these is not an appropriate place to save your money?

• Piggy bank

• Mshwari

• Under the mattress

• KCB Mpesa

• Bank

Do you think it is important to learn how to save money and spend wisely?

• Yes

• No

 It's important to spend money on things you need before spending money on things you want.

• yes

• no

Which of these questions correctly defines an opportunistic entrepreneur

• Benefits from a large volume of sales accompanied by discounts and low operational overhead

• •Buy products and services from point A and sells them at point B at a profit.

• Seizes a business opportunity while it lasts.

• •Have the ability to think new, better and more economical ideas. They are the business leaders and  contribute a great deal to the economic development.

Which of these is not a consequence of not having a budget

• •Bad spending habits are unidentified

• You get to save

• •No idea where money has been spent

• •Unprepared for emergencies