Entrepreneurship Development

What is the definition of entrepreneurship?

• Entrepreneurship is the act of working as an employee in a large corporation.

• Entrepreneurship is the process of investing in real estate properties.

• Entrepreneurship is the practice of freelancing as a graphic designer.

• Entrepreneurship is the activity of setting up a business or businesses, taking on financial risks in the hope of profit.

Explain the importance of entrepreneurship in economic development.

• Entrepreneurship leads to economic stagnation

• Entrepreneurship has no impact on economic development

• Entrepreneurship decreases employment opportunities

• Entrepreneurship is important in economic development due to its ability to create new businesses, generate employment, foster innovation, increase competition, and drive economic growth.

List and explain the characteristics of a successful entrepreneur.

• Lack of motivation

• Poor communication skills

• Passion, resilience, creativity, adaptability, strong work ethic, willingness to take risks, ability to learn from failures, excellent communication skills, clear vision

• Avoiding risks

What are the different types of entrepreneurship?

• traditional entrepreneurship

• freelance entrepreneurship

• small business entrepreneurship, scalable startup entrepreneurship, large company entrepreneurship, social entrepreneurship, sustainable entrepreneurship

• nonprofit entrepreneurship

Discuss the role of innovation in entrepreneurship.

• Innovation is essential for creating unique products/services, differentiating from competitors, and driving growth in entrepreneurship.

• Innovation is not important in entrepreneurship

• Innovation hinders the success of entrepreneurship

• Entrepreneurship can thrive without any innovative ideas

Explain the steps involved in starting a new business.

• Choosing a business name

• Hiring employees before securing funding

• Skipping market research

• The steps involved in starting a new business include conducting market research, creating a business plan, choosing a legal structure, securing funding, setting up operations, developing a marketing strategy, and launching the business.

What are the major challenges faced by entrepreneurs?

• Overestimating demand

• Ignoring customer feedback

• Lack of motivation

• Funding, market competition, hiring the right talent, adapting to rapid changes, managing growth

Discuss the concept of social entrepreneurship.

• Social entrepreneurship does not involve any business strategies

• Social entrepreneurship is solely focused on profit-making

• Social entrepreneurship has no impact on society or the environment

• Social entrepreneurship combines business strategies with a mission to create social or environmental impact.

Explain the difference between entrepreneurship and intrapreneurship.

• Entrepreneurship requires a large initial investment, while intrapreneurship is low-cost.

• Entrepreneurship involves starting a new business, while intrapreneurship involves innovating within an existing organization.

• Entrepreneurship is focused on social impact, while intrapreneurship is solely profit-driven.

• Entrepreneurship involves working for an established company, while intrapreneurship is about creating a startup.

What are the key factors for the success of an entrepreneurial venture?

• Lack of vision

• Limited resources

• Clear business idea, market research, business plan, financial management, marketing strategies, adaptability, perseverance, strong support network

• Inflexibility in approach