EDP UNIT 1

What is the definition of an entrepreneur?

• Someone who works for a large corporation

• A person who creates art for personal enjoyment

• A person who only invests in stocks

• An entrepreneur is a person who starts and manages a business, taking on financial risks in the hope of profit.

List three types of entrepreneurs.

• Small Business Entrepreneurs, Scalable Startups, Social Entrepreneurs

• Freelancers

• Investors

• Corporate Executives

What are the key qualities of a successful entrepreneur?

• Indecisiveness

• Avoidance of challenges

• Stagnation

• Resilience, adaptability, leadership, communication, risk-taking.

Identify two characteristics that define an entrepreneur.

• Risk-taking and innovation

• Cost-cutting and stability

• Conformity and tradition

• Isolation and passivity

How can entrepreneurs be classified?

• Entrepreneurs can only be classified by their age.

• Entrepreneurs are classified based on their geographical location only.

• Entrepreneurs can be classified into categories such as small business, scalable startup, social, and corporate entrepreneurs.

• Entrepreneurs are categorized solely by their educational background.

What factors influence the growth of entrepreneurship?

• Excessive taxation

• High employee turnover

• Access to capital, market demand, government policies, education, social attitudes, technology, and networking.

• Limited product variety

Explain the role of entrepreneurs in economic development.

• Entrepreneurs play a crucial role in economic development by creating jobs, fostering innovation, and stimulating competition.

• Entrepreneurs are only responsible for marketing products.

• Entrepreneurs primarily focus on personal wealth accumulation.

• Entrepreneurs have no impact on job creation.

What challenges do women entrepreneurs face?

• High employee turnover

• Access to funding, gender bias, work-life balance, limited networking, and lack of mentorship.

• Access to international markets

• Increased competition from large corporations

What opportunities exist for women entrepreneurs?

• High barriers to entry in all industries

• Opportunities for women entrepreneurs include access to funding, mentorship, networking, and supportive business ecosystems.

• Limited access to technology

• No support from local communities

How does innovation relate to entrepreneurship?

• Innovation hinders the growth of established businesses.

• Innovation is irrelevant to entrepreneurship.

• Entrepreneurs focus solely on marketing, not innovation.

• Innovation is a key driver of entrepreneurship, enabling entrepreneurs to create new business opportunities.