DECE2104 Entrepreneurship in ECE

The word entrepreneur derives from French word and it means to undertake. True or False?

• True

• False

Choose the best description for an entrepreneur.

• An entrepreneur assembles and integrates all the resources needed – money, the people, the business model and strategy and

  transform the invention into a variable business.

• An entrepreneur is someone who is very creative.

• An entrepreneur assembles and integrates all the resources needed – money, the people, the business model and strategy.

• An entrepreneur looks for materials

  transform the invention into a variable business.

These are the characteristics of entrepreneurs except

• creative

• innovative

• risk-taker

• reserved

Economic trends help determine areas that are ripe for new start-ups and areas that start-ups should avoid. The following are the examples of economic trends creating a favourable opportunity except

• A weak economy trend favours start-ups that help consumes save money

• Increasing demand in E-Commerce service during and after Covid1-19 pandamic

• Technology advancements and rapid growth in artificial intelligence or 5G

• All are correct

People become entrepreneurs because of the following reasons except

• to be own boss

• to pursue their own ideas

• to enjoy freedom

• financial reward

What are the key characteristics of successful entrepreneurs? There are more than one correct answers.

• Passion for the business

• Product/customer focus

• Tenacity despite failures

• Execution intellengence

Choose the common myths about entrepreneurs. There are more than one correct answer.

• Entrepreneurs are born, not made

• Entrepreneurs are gamblers

• Entrepreneurs are motivated primarily by money

• Anyone can be an entrepreneur

According to the basic model of the entrepreneurial process, there are five steps to develop a successful idea. Which of the following is considered the very first step?

• Feasibility analysis

• Developing an effective business model

• Recognising opportunities and generating ideas

• Writing a business plan

An opportunity is a favourable set of circumstances that creates a need for a new product, service, or business. True or False?

• False

• True

Select the correct answers. These are the ways of identifying an opportunity.

• Observing trends

• Feasibility analysis

• Solving a problem

• Finding gaps in market place