Page 101 - Ai Book - 10

In a Nutshell
In a Nutshell

z Entrepreneurship is the process of discovering an opportunity, mobilizing resources, launching an enterprise
to use the opportunity.

z Successful entrepreneurs have many qualities in common: Discipline , Confidence, Flexibility, Taking Initiative,
Competitive, Creativity, Determination, Motivator, Strong Work Ethic, Passion, Leadership and Dynamism.

z An entrepreneur should possess the following entrepreneurial functions: Innovation, Risk-Taking, Building
of Organization, Taking Initiative, Organizing Resources, Identifying Opportunities and Prospects, Decision-
Making, Technology Transfer and Adaptation, Fostering Autonomy, Social Responsibility, Public Relations and
Sharing Experiences.

z The roles and importance of an entrepreneur include: Wealth Creation, Job Creation, Regional Development,
Improving Standard of Living, Visionary, Achiever and Community Development.

S Solvedolved QQuestionsuestions

A. Tick () the correct answer.

1. What is entrepreneurship?
a. Working as an employee b. Creating and running a small business
c. Investing in stocks d. Attending a college

2. What role do entrepreneurs play in the economy?
a. Following trends

b. Creating jobs and fostering economic growth
c. Avoiding risks
d. Ignoring market needs

3. What function does innovation serve in entrepreneurship?
a. Maintaining the status quo

b. Lowering product prices
c. Fostering creativity and introducing new ideas
d. Avoiding risks

4. Which quality is essential for a successful entrepreneur?
a. Procrastination b. Flexibility

c. Fear of failure d. Reluctance to take initiative
5. How does an entrepreneur contribute to job creation?
a. By avoiding expansion

b. By reducing workforce
c. By purchasing more material and hiring more people

d. By lowering product prices

95
95