What works for one entrepreneur might not work for the next and vice versa. UMER SALEH FA11/BBA/123/CIIT/ISB Entrepreneurship MCQS Guide SECTION 1 1. In fact, you’ll probably have less free time than you’d have working for someone else. All the successful entrepreneurs like Bill Gates (Microsoft), Warren Buffet (Hathaway), Gordon Moore (Intel) Steve Jobs (Apple Computers), Jack Welch (GE) GD Birla, Jamshedji Tata and others all went through this process. Sure, entrepreneurship can bring you freedom to work when and where you want, but you still have to work. With this definition, entrepreneurship is viewed as change, which may include other values than simply economic ones. A) does not provide the entrepreneur an opportunity to build up specialized knowledge and expertise. A.Education B.Gender C.Personal values D.Family background ANSWER: B D) can be thought of as taking a “portfolio” approach to dealing with uncertainties. Your earning are unlimited. The Corporate Entrepreneurship is the process by which teams work in an established company, conceive, encourage, launch and manage a new business that even while being new and therefore different from that of the parent company, leverages assets, Market positioning, capabilities and other resources. Your corporate and salaried people do not feel empowered to make needed changes but you do. They have job security. These are companies that investors are gung-ho about. This allows for a huge degree of independence and a chance to shape one’s own life. Every entrepreneur has a different story about why he or she decided to start a business. Answer: C. … Another definition identifies an entrepreneur as someone who uses “resources to implement innovative ideas for new, thoughtfully planned ventures,” (Canadian Foundation for Economic Education, 2008) which is also true as far as it goes. ... Risking the equity in one’s home is a financial commitment not all entrepreneurs are willing to make. Becoming an entrepreneur means you can reap the benefits of all your hard work. That said, there are five general steps that most, if not all, successful entrepreneurs have followed: 1. Here the entrepreneur not only aims at improving the performance and profit of his own organisation, but also aims at providing positive profits to the society. Entrepreneurship creates an opportunity for a person to make a contribution. Understanding which type of entrepreneur you are – and are not – can often lend insight into the things you will be good at, not good at and how to bring your idea to life. 6 .Which one of the following is not an Intrapreneurial leadership characteristic? INSTANT DOWNLOAD Entrepreneurship 9th Edition by Hisrich – Test Bank Sample Questions Chapter 03 Entrepreneurial Strategy: Generating and Exploiting New Entries Answer Key True / False Questions A new entry can be either offering a new product to a new market or creating a new organization. Essay on Entrepreneurs There are many advantages when being an entrepreneur, some of which benefit a lot of the families all over the world. Enjoying what you do and feeling passionate about your work will make you a happier person in the long term. Which one is not a method to generate product-service ideas? Entrepreneurship. NCERT Solutions for Class 11 Entrepreneurship Chapter 2 An Entrepreneur TEXTBOOK QUESTIONS SOLVED Question 1. An advantage of the small firm in the innovation process? It’s not uncommon, considering the ease of use, security and convenience of a fax machine; yet, there are serious disadvantages too. Can choose a business of interest b. Which value provides goal direction to entrepreneurs? You do not have a guaranteed income when working as an entrepreneur. Which advantages exist for the potential entrepreneur in using exhibits to gain information and products or markets? Though salaries vary, working for a successful start-up can also end up being incredibly lucrative, not to mention an exciting experience. A.Encourage the team work B.Not flexible C.Understands environment D. Persistent ANSWER: B 7 .Which of the following factor does not affect a person for being an entrepreneur? Each entrepreneur must weigh the pros and the cons carefully and decide whether or not the risk is worth the reward. 4.2 Types of Entrepreneur Researchers who have studied entrepreneurial behaviour suggest that there are different types of entrepreneurs. ; No one in your company, including your sales force, has really had to sell an idea, product, or service to make a mortgage payment but you have. Majoring in entrepreneurship can be a good idea, but it is not necessary to become a good business owner or manager. The challenges associated with defining entrepreneur and entrepreneurship are explored, as is an overview of how entrepreneurship can be studied.. The nature of entrepreneurs differs according to their functions. The 5 Types of Entrepreneurs. any one from these could be entrepreneur. Working in a business like the one you want to launch is a great way to learn the ropes. You can be creative c. Make a lot of money d. You will be more independent to make decisions alone Entrepreneurship can be of varying degrees and is not necessarily alike. Entrepreneurship is the creation or extraction of value. These conditions may have both positive and negative influences on the emergence of entrepreneurship. 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