But there are considerable risks that an entrepreneur must face in order to obtain high rewards. Which of the following is the best definition of probable operating costs? Which one of the following actions by an entrepreneur is most likely to contribute to creative destruction? ANSWER: C 15. The following are six reasons why entrepreneurship capital is important to the economy: 1. Let’s take a look at some different types of entrepreneurs, their roles, and how each type affects the success of the business: 1. Every day, thousands of new job vacancies are listed on the award-winning platform from the region's top employers. Ability to raise finance C. Ability to carry out R&D D. Ability of the entrepreneur to act on new ideas or product development None of the two mentioned Which of the following is not a characteristic that is helpful for an entrepreneur to have? An entrepreneur into the hosiery business found out the reason his hosiery was not selling was due to its color. Which of the following statements is true about new venture risk-taking: A. Question. Hire a board of directors to manage the business. Which of these people is an example of an entrepreneur? Joe's success is attributable to his entrepreneurship. The opportunity to work for yourself instead of working for others is the best reward of any entrepreneur. He is the one who efficiently makes use of the factors of production and creates the output and makes the profit. Bayt.com is the leading job site in the Middle East and North Africa, connecting job seekers with employers looking to hire. Entrepreneurs build companies. Individual entrepreneur: Person is the pioneer of entrepreneurship in the history of human civilization. An entrepreneur is a person who makes use of land, labor, and capital to make the production process happen in an economy. B) Take-over of a competitor . A manager in a large corporation A financial manager in a small firm An owner-manager who bought out the founder of a firm A salaried technician in a rapidly-growing high-tech firm ° 5 points Question 2 ° RsQ_002 Compared to large corporations?xml:namespace prefix = st1 /, small businesses play just as important a part in the … Synergy 2. As a change agent, […] A) Development of a new product . Thus, organizing function of an entrepreneur ultimately provides a mechanism for purposive, integrated and co-operative action by many people in a joint and organized effort to implement a business plan. b) Making a product choice . Recognition of an opportunity. An entrepreneur is generally defined as an individual who organizes or operates a business or businesses. Significant event at home or work. ... What would you do in the following situation: You started a business and you've been running it successfully for a year and it's getting close to the break-even point. Select a product or service that will be sustainable. D. Entrepreneurship does not take place in social enterprises. In most cases, these entrepreneurs change the way people think about and do things. Everything you need to know about the types of entrepreneurs. 1. They are confident with the knowledge that they will make their businesses succeed. A D. Self-finance the new company. A. Cooper manages the customer service department of a tool manufacturing business. (1 point) a sole proprietorship a corporation one who opens a new business a bank that loans money 2. The entrepreneur assembles and organizes the above mentioned different organs of an enterprise in such a way that these combinedly start functioning as one, i.e., enterprise. A. Government policy and support. MGT602 Entrepreneurship Final term Papers & MCQs The resistance of employees in an organization against flexibility, growth, and diversification can be overcome by developing: Entrepreneurship Intrapreneurship Managerial domain Administrative domain For the success of business plan the goals should be Limitless Generalized Specific Imaginary … C. Entrepreneurship takes place in a wide variety of contexts. (TCO1) Which of the following is considered to be an entrepreneur? Entrepreneurs are motivated by _____. Which of the following are described as one of the Big Five personality traits? Management Control 3. The Entrepreneur occupies the central place in the growth process because he initiates development in a society and carries it forward. An entrepreneur is a person. Especially in Britain, the term "adventurer" was often used to denote the same meaning. About Bayt.com. C. pull influences. Open Minded. He is a person or an individual with a new … 1. Taking risks is an essential part of being an entrepreneur. When a single person undertakes an entrepreneurial venture then it is termed as an individual entrepreneur. Exporting 3. Need for independence; Need for achievement; Need for affiliation; Need for authority; View answer C) Issuing shares . a) Creating a business plan . a) New business model b) Anatomization c) None of the given options d) Creative destruction Question No: 11 Which of the following factors is the most important in forcing U.S companies to focus on Shark Tank is an entertainment show, without question. Which of the following is an example of an entrepreneur? 4 Entrepreneurs have well-established internal ethics systems making them especially strong when encountering ethical dilemmas. Having a lot of money B. (TCO1) A point outside the production possibilities curve is a. attainable and the economy is efficient. Innovators. Which one of the following is the step involved in setting up a new enterprises? Entrepreneurship is the act of being an entrepreneur. Chapter 10: Assignment Result Which of the following is not a common trigger for the creation of a new venture? Which one of the following is the process of entrepreneurs developing new products that over time make current products obsolete? Risk-Taking and Uncertainty-Bearing 5. They exude that confidence in everything they do. In my own definition, an entrepreneur is an individual who sets up business or businesses, identifies and solves problems, creative, innovative, opportunist, risk-taker, self-starter, and open-minded with the hope of making a profit from the enterprise. a. Self-esteem b. Liam found a summer job walking dogs in his neighborhood. 4. An entrepreneur refers to a person who establishes a new business, run it and takes all the risks and profit by himself. But as a basic entrepreneurship definition, that one is a bit limiting. B. ADVERTISEMENTS: A complete guide to types of Entrepreneurs. 1. Decision Making: The primary task of an entrepreneur … What is Entrepreneurship? The following points highlight the top five functions of an entrepreneur. 1. Question options: Delegate the risk to start a company. ANSWER: D 16. D. All the above. 9. International entrepreneurship is 1. Office or warehouse space is generally unnecessary The only educational requirement is a bachelor's degree The only initial investment required is the purchase of hard goods Business basics can … a. Self-employed person b. MBA graduate hired by a firm to be its CEO c. Production-line worker d. Customer of a firm. The functions are: 1. Question 9:- As a business grows, time management continues to be an issue, but the entrepreneur's major concern usually becomes: a) setting goals b) finding, retaining, and motivating qualified employees Institutional entrepreneur: Institutions are-groups of persons with a common goal. An entrepreneur is someone who assumes the major risks of a new business by committing which of the following? Innovation. 3. Age, education and relevant work experience. °Which of the following is classified as an entrepreneur? Division of Income 4. What is an entrepreneur? B. Kevin used his own ideas and assets to start his graphic design business C. Holly works for a company that has become extremely successful because it's … Which one of the following is an advantage of the small firm in the innovation process? Function # 1. "Entrepreneur" (/ ˌ ɒ̃ t r ə p r ə ˈ n ɜːr,-ˈ nj ʊər / (), UK also /-p r ɛ-/) is a loanword from French.The word first appeared in the French dictionary entitled Dictionnaire Universel de Commerce compiled by Jacques des Bruslons and published in 1723. 2. 27. Entrepreneur is the most important factor in the process of economic development. Entrepreneurship is a process of actions of an entrepreneur who is a person always in search of something new and exploits such ideas into gainful opportunities by accepting the risk and uncertainty with the enterprise. D) Reducing prices Which of the following is not one of the three basic types of entrepreneur? Entrepreneurship Management; Page 1; Entrepreneurship Management. Licensing 2. b. attainable, but the economy is inefficient. Entrepreneur: This is an individual that comes up with a business idea and develops a venture to generate profit. Pavel worked hard to learn to speak a foreign language. B. personal values. Caution c. Drive d. Optimism 10. Being an expert in your field C. Taking risks D. Being friendly. Asked 4/24/2014 12:08:40 PM. Hindrance for going in the international business is known as 1. The entrepreneur does not ask questions about whether they can succeed or whether they are worthy of success. The Other Side of Entrepreneurs. A)True B)False 5 The growth of entrepreneurship can be easily promoted by Federal and State Governments. The perks of being an entrepreneur may look so grand that some have tried following the steps of the most successful businessmen that we have right now. Malia started selling jewelry she made in an online store. Ability of the entrepreneur to carry out multiple tasks B. A. A. money. Good entrepreneurs are able to identify the few key factors that are important to a decision or a business. Which of the following is an advantage of being an entrepreneur in the consumer service industry? When the entrepreneur seeks to limit risk, the reward tends to increase. If successful, they reap the fruits of their labor. A)True B)False 6 Which of the following statements is (are) true? Entrepreneurs realize that every event and situation is a business opportunity. Joe is an entrepreneur. Which of the following does an entrepreneur typically need to be willing to do to start a business? Ophelia took classes in painting and drawing at an art center. Decision Making 2. Which of the following is an essential part of being an entrepreneur? The more modern entrepreneurship definition is … Characteristics of Entrepreneurship: Entrepreneurship is characterized by the following features: 1. s. Log in for more information. Both of the mentioned options 4. Innovators are the types of entrepreneurs who come up with completely new ideas and turn them into viable businesses. Entrepreneurship is the act of creating a business or businesses while building and scaling it to generate a profit.. Which one of the following theory has the attribute of moderate risk taking as a function of skill, not chance? When an entrepreneur seeks a high profit, the risk is usually higher. C. An entrepreneur's financial risk is not closely related to rewards. Entrepreneurs Create New Businesses. Of creating a business opportunity people think about and do things and situation a! 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