entrepreneurship chapter 1 -5

Which of these statements best describes the context for entrepreneurship?

• Entrepreneurship takes place in small businesses.

• Entrepreneurship takes place in large businesses.

• Entrepreneurship takes place in a wide variety of contexts.

• Entrepreneurship does not take place in social enterprises

Which could provide an individual with the motivation to start a new business

venture?

• The financial rewards.

• A desire to be independent

• Risk taking

• All the above

Which industrial sector promotes small-scale businesses and Entrepreneurship, and

has lower barriers to market entry?

• Service

• Manufacturing

• Distribution.

• Agriculture

A new venture's business plan is important because

• It helps to persuade others to commit funding to the venture

• Can help demonstrate the viability of the venture.

• Provides a guide for business activities by defining objectives.

• All the above.

At what stage the Idea of new product is tested in potential consumers to determine consumer acceptance

• Concept.

• Product development.

• Test marketing.

• Commercialization

Which of the following factors does the macro-environment not

include?

• political and regulatory factors.

• customer needs in a given market.

• social and demographic factors.

• technological changes

List down 5 types of entrepreneurs with examples

Answer explanation

Intrapreneur

Technopreneur

Copreneurs

Social Entrepreneurs

Cyberpreneur

Explain the differences between an entrepreneur and a businessman

Answer explanation

An entrepreneur is a person who start an enterprise with a new idea or concept.

A businessman is someone who sets up a business with an existing concept or idea.

The risk of failure for a businessman is quite low. It is because the market is already established and risk and uncertainties are already assessed.

On the other hand the risk of failure for an entrepreneur is very high.

What are some examples of CSR initiatives that companies can undertake?

Answer explanation

- Donating a portion of profits to a charitable organization

- Reducing polution

- Supporting diversity and inclusion in the workplace

- Providing employee volunteer opportunities

- Developing products and services that meet social and environmental needs

- Building partnerships with local communities to address social issues

- Conducting responsible supply chain management

Explain the steps involved in identification of business opportunity

Answer explanation

1)Recognizing customer needs and wants.

2)Scanning the business environment

3)Performing self-evaluation

4)Assessing society values, community response, and society response

5)Choosing business opportunities

6)Construct the business plan