CHAPTER 1 - SUMMATIVE TEST

He describes entrepreneurs in a wider viewpoint by assuming that entrepreneurship is currently an apprehension of various professions..

• KARL VESPER

• LLOYD SHEFSKY

• JOSEPH SCHUMPETER

• JEFFRY TIMMONS

Author ALBERT SHAPERO who has deliberate other worlds on entrepreneurship has lectured that in all of the meanings of entrepreneurship, there is an agreement that we are speaking about a kind of behavior that includes the following, except:

• initiative taking

• the organizing and recognizing of social/ economic mechanisms to turn resources and situations to practical account

• the acceptance of risks and failure

• observing a prospect and generates an organization to track it.

Why is entrepreneurship said to be a process?

• It is the purposeful and organized search for change, conducted after systematic analysis of opportunities in the environment.

• It is the way one thinks, one acts and therefore it can exist in any situation be it business or government or in the field of education, science and technology or poverty alleviation or any others.

• It is an outcome of complex socio-economic, psychological, technological, legal and other factors.

• All of the choices

______is a person who starts an enterprise.

The process of creation is called _______ .

The entrepreneur is the actor and entrepreneurship is the act. The outcome of the actor and the act is called the______ .

The following are the socio-economic benefits from Entrepreneurship except:

• It creates job opportunities.

• It generates wealth.

• It makes you popular.

• It promotes good competition.

According to Peter Drucker, entrepreneurship is defined as ________, which consists in the purposeful and organized search for changes, and it is the systematic analysis of the opportunities such changes might offer for

economic and social innovation.’

According to G. Pinchot, _________ is an entrepreneur within an already established organization.

He is the one who defined an entrepreneur as a person with a high need for achievement [N-Ach].  

• Peter Drucker

• David McClelland

• Gifford Pinchot

• Jean-Baptiste Say