Entrepreneurship

An _______________ is a person who undertakes the risks involved in establishing and running a business in the hope of a making profit.

The act or process of managing a business enterprise.

There are two important questions that a budding entrepreneur needs to be able to answer before embarking on a business venture:

Successful entrepreneurs have the ability to come up with an idea or concept that they recognize as an opportunity to be profitably exploited, and then implement actions to put their idea into practice.

List the 8 functions of an entrepreneur.

Explain 2 of the functions of entrepreneur listed above?

Which of the following are characteristics of entrepreneurs?

• Creative

• Persistent

• Persevering

• All the above

Which of the following are leadership qualities of entrepreneurs?

• communication skills

• atmosphere

• all the above

• perseverance

What are the factors of production?

• Land, Labour, Planning, learning

• Land, Labour, Capital Enterprise

• Labour, Capital Communication, Entrepreneurship

• Labour, Capital, Entrepeneurship, Planning

Which are the important elements that will incorporate into their operations?

• accounting system, increasing sales, reducing costs

• accounting system, evaluating, contributing, risk bearing

• accounting system, collaborating, planning, learning

• accounting system, organizing, operating, collaborating