Entrepreneurship - answer-perceived to be the symbol of business innovation, determination, perseverance and achievements.
Entrepreneurship - answer-about taking moderate risk
Entrepreneurship - answer-the ability to be able to know what product and services are needed by the people and to be...
ENTREPRENUERSHIP QUESTIONS AND
ANSWERS
Entrepreneurship - answer-perceived to be the symbol of business innovation,
determination, perseverance and achievements.
Entrepreneurship - answer-the ability to be able to know what product and services
are needed by the people and to be able to provide these things at the right time at
the right place at the right people and at the right price.
KNIGHT (1921) - answer-Having profits from bearing uncertainly and risk
SCHUMPETER (1934) - answer-Carrying out of new combinations of a firm
organization—new product, new resources of new material, new methods of
production new markets, new forms of organization.
STEVENSON & GROUSEBECK (1989) - answer-Pursuit of opportunity without regard
to resources currently controlled
Common Elements of Entrepreneurship - answer-• Innovation
• Opportunity seeking and exploitation
• Resource mobilizing
• Encountering risks and uncertainties
• Economic and personal rewards
The Earliest Period - answer-Based on the idea that entrepreneur is a person who
sells goods on behalf of the good's owner, entrepreneurship was exhibited by Marco
Polo (1254-1324) the merchant from Venice who travelled to many places in Asia to
trade. He would enter into a formal agreement with a capitalist to sell his goods. He
bore the all the risk of possible damage or loss of the goods. After everything was
sold, profits were divided between the capitalist and the trader as agreed. (OUM,
n.d.).
Marco Polo - answer-the merchant from Venice who travelled to many places in Asia
to trade. He would enter into a formal agreement with a capitalist to sell his goods.
He bore the all the risk of possible damage or loss of the goods. After everything
was sold, profits were divided between the capitalist and the trader as agreed.
Middle Ages - answer-The term entrepreneur was used to describe both an actor
and the person who was in charge of, and managed large production projects. This
person merely managed the projects using resources provided by the government.
In this case he did not assume any risk. The entrepreneur in this age was the person
who is in charge of great architectural works such as public buildings and
cathedrals.
, 17th Century - answer-Entrepreneurship has become associated with risk. The
entrepreneur was someone who would enter into a formal agreement with the
government to provide products or services. It was common practice to agree on
the price as part of the terms in the agreement. In effect, the entrepreneur either
reaps profits or bear losses. A prominent theorist during this period was Richard
Cantillon (1680-1734),an economist who viewed the entrepreneur as a risk taker
and a bearer of uncterm-23ertainty (Van Praag 1999)
Richard Cantillon - answer-An economist who viewed the entrepreneur as a risk
taker and a bearer of uncertainty in economist who viewed the entrepreneur as a
risk taker and a bearer of uncertainty
18th Century - answer-The entrepreneur was distinguished from the capitalist who
simply provides money for the creation of products to be sold_ Jean Baptiste (1767-
1832), a French economist and businessman, describe the entrepreneur as a person
who plays a central coordinating role both in producing and selling goods.
Jean Baptiste - answer-a French economist and businessman, describe the
entrepreneur as a person who plays a central coordinating role both in producing
and selling goods
19th & 20th Centuries - answer-There was a little distinction between an
entrepreneur and a manager. However, towards the middle of the 20th century,
Joseph Schumpeter refuted the idea of entrepreneurship as manager of the firm and
espoused the concept of the entrepreneur as innovator who seeks opportunity and
lead existing production into new channels. On the other hand it was also in this
period that business expert Peter Drucker came up with behavioural concept of the
entrepreneur—one who actually searches for change, responds to it,and exploits
change as an apportunity.(Holden 2011)
Peter Drucker - answer-An expert who came up with behavioural concept of the
entrepreneur
Benefits of Entrepreneurship - answer-Ø Create employment
Ø Development of new market
Ø Introduces Innovation
Ø Generate New Materials
Ø Stimulates business investments
Ø Improves quality of life
Ø Serves as role model
Ø Bring social benefits
Ø Utilizes indigenous resources
Entreprendre - answer-Term "entrepreneur" comes from the French word ?
Entreprendre - answer-means "to undertake."
Entrepreneur - answer-It is a reference to individuals who have initiated the
establishment of a business enterprise
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