Unit 1 CH19 Entrepreneurship

What is the role of entrepreneurs in a business?

• Managing day-to-day operations

• Providing financial support

• Taking risks and making key decisions

• Handling administrative tasks

What is the main barrier to entrepreneurship related to finance?

• Lack of personal savings

• Aversion to risk

• Inability to attract necessary finance

• Lack of sales skills

What is the difference between an entrepreneur and an intrapreneur?

• Entrepreneurs take financial risks, while intrapreneurs do not

• Intrepreneurs are employees, while entrapreneurs are business owners

• Entrepreneurs work independently, while intrapreneurs work in teams

• Entrepreneurs focus on innovation, while intrapreneurs focus on administration

What is the purpose of the 'Innovation Time Off' programme at Google?

• To reduce employee workload

• To encourage creativity and innovation

• To limit employee autonomy

• To enforce strict regulations

What is risk aversion in the context of entrepreneurship?

• The preference for high-risk ventures

• The tendency to avoid taking risks

• The willingness to take financial risks

• The ability to manage risks effectively

What is the importance of planning when starting a new business?

• It ensures immediate profitability

• It reduces the need for financial investment

• It helps in organizing resources and setting goals

• It eliminates the need for marketing strategies

What are the benefits to a business of employing intrapreneurs?

• Increased financial risk

• Enhanced employee satisfaction and innovation

• Reduced productivity and creativity

• Limited opportunities for growth

What is the main purpose of conducting market research when setting up a business?

• To identify potential customers, competitiors & opportunities

• To increase administrative tasks

• To limit innovation opportunities

• To avoid financial management

How can entrepreneurs reduce the amount of risk they take in a business venture?

• By avoiding any financial investments

• By ignoring potential outcomes

• By using quantitative decision techniques and testing in smaller markets

• By taking maximum risks for higher rewards

What creates uncertainty for a business?

• Internal factors the business can control.

• External factors the business cannot control.

• Aversion towards failure.

• Labour turnover