Important Questions and Answers: Entrepreneural Competence

1. What is an Enterprise?

The enterprise is the basic unit for economic organization. It transacts with other unit in the economy, it produces a product worth more than the resources used.

2. Define Entrepreneur.

According to Noah Webster, Entrepreneur is “one who assumes the risk and management of business”

3. What is Intrapreneurship?

Intrapreneurship is the process by which other new ventures are born within the confines of an existing corporation. It involves expansion by exploring new opportunities through new combinations of existing resources.

4. List out the Characteristics of Entrepreneur.

^§    Clear objectives

^§    Communication Ability

^§    Human Relational ability

^§    Technical knowledge

^§    Initiative

^§    Problem solver

^§    Risk taker

5. Mention the different features of an Entrepreneur.

1.Capacity and willingness to assume risk 2.Willingness to hard work

3.Vision and foresightedness 4.Creative and imaginative thinking 5.Innovative and willingness to change

6. List out some of the qualities of true Entrepreneur.

^ü Energetic, hard working

^ü Interested in expanding the scale of operations ^ü Visualize changes

^ü Firm believer in planning & systematic work.

7. State the various functions of Entrepreneur

·        Idea generation & screening

·        Determination of business objectives

·        Determination of form of ownership

·        Recruiting of Men

·        Product analysis& market research

8. What do you meant by Achievement motivation?

According to McClelland achievement motivation can be developed through training and experience. Ambition is the lever of all motives and nourishes achievement motive.

9. What are the types of Entrepreneur?

1. Innovating Entrepreneur

2. Imitating Entrepreneur

3. Fabian Entrepreneur

4. Drone Entrepreneur

10.            What are the skills needed by an Entrepreneur?

^Ø   Analytical skills

^Ø   Negotiation skill

^Ø   Interpersonal skills

^Ø   Flexibility to work under changing condition

11.            What are the characteristics of successful entrepreneurs?

1.     be passionate about achieving their goals

2.     have a spirit of adventure (in fact, the word "adventure" is derived from the Latin word meaning "to venture")

3.     have a strong need to achieve and seek personal accomplishment

4.     be self-confident and self-reliant

5.     be goal-oriented

12.            Write any four qualities of Entrepreneur.

·  Inner Drive to Succeed

·  Strong Belief in themselves

· Search for New Ideas and Innovation · Openness to Change

13.            What are the Factors affecting Entrepreneurship growth?

6.     Economic factors

7.     Social factors

8.     Cultural factors

9.     Personality factors

10.                        Psychological and sociological factors.

14.            What are the Economic Factors?

8.     Lack of adequate basic facilities

9.     Non- availability of capital

10.                        Non- availability of raw materials and finished goods.

11.                        Greater risk involved in business

12.                        Non- availability of skilled labour

15.            What are the Social factors?

7.     Customs and traditions

8.     Rationality of the society

9.     Social system

10.                        Social set-up

16.            What are the Personality Factors?

5.     Suspect personality

6.     Emergence of planning