Answer: Entrepreneur
Answer: Entrepreneurship
3. _________ is a program mean to develop entrepreural abilities among the people.
Answer: EDP
4. The entrepreneurs contribute a great deal to the _________.
Answer: GDP
5. as an entrepreneur your ________ is directly related to your efforts and the success of your business.
Answer: Income
B. Write T for true and F for false:
1. Entrepreneurship refers to a person working for in an organisation on a monthly salary.
Answer: F
2. Entrepreneur should have a broad vision about the business.
Answer: T
3. People and their skill sets are different and develop over time.
Answer: T
4. Entrepreneurship offers guarantees with regards to a regular pay check especially when the business is at its formative stage.
Answer: F
5. Entrepreneurs are their own bosses and work towards achieving profits by satisfying the need of the economy.
Answer: T
C. Choose the correct answer:
1. Which of the following is not a quality of an entrepreneur?
a. Hard working b. Risk taker c. Innovative d. Creative e. Lethargic
f. Proactive g. Visionary h. Timid i. Well-informed j. Open minded
Answer: Lethargic, Timid
2. Identify the option that describes the importance of entrepreneurship.
a. Creation of job opportunities b. Spawns entrepreneurship
c. Impact on community development d. All of these
Answer: All of these
3. Identify which is not the function of entrepreneurship.
a. Planning b. Organizing c. Weak networking d. Decision making e. Risk bearing f. Innovation g. Strong customer relations
Answer: Weak networking
4. Who undertakes a venture with considerable profit and involving some amount of risk?
a. Entrepreneur b. Worker of daily wages c. Worker on monthly salary wages d. None of these
Answer: Entrepreneur
5. Which of the following is an example of entrepreneurship?
a. Learning to be astronaut b. Starting a new business c. Working for a multinational company d. Working as a therapist.
Answer: Starting a new business
D. Answer the following questions. Short answers.
1. Define the terms:
a. Entrepreneur b. Entrepreneurship c. Enterprise
Answer:
a. Entrepreneur: An entrepreneur is a person who start a new business with new ideas for the benefit of society.
b. Entrepreneurship: Entrepreneurship is the process of creating, developing, and managing a new business with the goal of making profit.
c. Enterprise: An enterprise is a small or large scale organization.
2. Do you think an entrepreneur communicates clearly and effectively?
Answer: Good entrepreneurs must communicate clearly and effectively because it is important for securing investment, leading a team, dealing with customers.
3. Briefly describe three characteristics that you think an entrepreneur should have.
Answer: Three characteristics of entrepreneurs:
1. Determination: The quality of having firmly decided to do something, even it is very difficult.
2. Adaptability: Ability to change, learn and adjust ones thoughts, behavior, and responses.
3. Risk taking: Willing to take risky action in the hope of a desired result.
4. List any two characteristics of wage emloyment.
Answer: Two characteristics of wage employment are a regular and fixed income for the employee and a formal employer-employee relationship.
5. Identify two common features of both entrepreneurship and wage employment.
Answer: Two common features of both entrepreneurship and wage employment are earning income by providing services or goods, and the application of skills and efforts to achieve work related outcomes.
E. Answer the following questions. Long answers.
1. List the characteristics of an entrepreneur.
Answer: A successful entrepreneur have qualities such as passion, creativity, resilience, and adaptability.
Qualities:
1. Passion: Strong belief in their ideas.
2. Creativity: The ability to generate new ideas, solutions.
3. Resilience: The capacity to bounce back from setbacks and learn from failures.
4. Adaptability: The flexibility to adjust to changing circumstances.
5. Leadership: The ability to inspire and motivate teams.
2. What is the significance of entrepreneurs with concern to the GDP?
Answer: Entreprenerus significantly boost GDP by creating business that generate new goods and services, increase employment, and drive innovation and competition.
Contributions to GDP:
1. Investment and capital mobilization
2. Job creation
3. Innovation and competition
4. Wealth and income generation.
3. What is the role of entrepreneurs in the economy?
Answer: Entrepreneurs are vital to economic growth, as they innovate, create new jobs, increase productivity, leading to higher GDP and improved living standards.
Roles of entrepreneurs:
1. Innovation and creativity
2. Job creation
3. Economic growth
4. Increase productivity
5. Wealth creation
4. Describe the difference between entrepreneurship and wage employment.
Answer:
Entrepreneurship:
1. Purpose: To create new business.
2. Role: The owner and decision maker.
3. Risk: High financial and personal risk.
4. Reward: Potential for unlimited profit.
5. Freedom: Completely free to decide terms and conditions.
6. Income: Dependent on the business success.
7. Perspective: Focused on future growth.
Wage Empolyment:
1. Purpose: To perform tasks and services.
2. Role: A worker.
3. Risk: Low personal risk.
4. Reward: A fixed salary or wage.
5. Freedom: Limited freedom.
6. Income: A consistent salary.
7. Perspective: Focused on fulfilling their assigned role.
5. An entrepreneur should be able to see a problem from different perspectives. Why?
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