BSM1501 Assignment 1 Semester 2 2020 Solutions including page references from the prescribed textbook.
Prescribed textbook: Entrepreneurship and how to establish your own business.
6th edition.
Business Management 1A
BSM1501
Department of Business Management
Assignment 01 for Semester 02 (compulsory)
Unique Number 611268
PLEASE NOTE
Study Chapters 1 and 2 thoroughly before you answer this assignment.
MULTIPLE-CHOICE QUESTIONS
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Chapter 1
1. An entrepreneur can be described as someone who:
, a) works full-time in a lifestyle business.
b) is responsible for growth.
c) is known as a corporate entrepreneur.
d) is creative and innovative.
e) takes calculated risks.
Choose the correct combination:
1) a, b, c
2) a, c, d
3) b, c, e
4) b, d, e
Answer:
Refer to page 6 of the study guide:
Also refer to page 2 of the prescribed textbook:
1.1 Defining entrepreneur and entrepreneurship
Entrepreneurs have the ability to identify and seize an opportunity, and create and develop
a business by adding value to the business.
They do this by applying resources that include finance, time, effort, people and skills. They
are willing to take risks; and through their businesses they organise, manage and achieve
results.
Entrepreneurs can therefore be described as those people who:
• start their own business
• manage the business
• identify new products or opportunities
• seize opportunities
• create and innovate
• organise and control resources of capital, labour and materials to realise profit
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