II SEMESTER

JOURNEY OF ENTREPRENEURSHIP
Introduction
Meaning & Definition of Entrepreneurship, Entrepreneur & Enterprise
Differences between Entrepreneurship, Entrepreneur & Enterprise
Functions of Entrepreneur
Role of Entrepreneur for Economic Development
Factors influencing Entrepreneurship
Pros and Cons of being an Entrepreneur
Differences between Manager and Entrepreneur
Qualities of an Entrepreneur
Types of Entrepreneurs
Women Entrepreneurs and challenges

1The word Entrepreneur is taken from which language?

a. English b. French c. Spanish d. Italian

2. Entrepreneurship was first introduced by ____________

a. Joseph Schumpeter b. Jean Baptise Say c. Richard Cantillon d. Benjamin Higgins

3. Which of the following is an element of Entrepreneurship?

a. Opportunity b. Innovation c. Idea d. All of these

4. Which of the following is a quality of a successful entrepreneur?

a. Innovation b. Self-confidence c. Integrity d. All of these

5. Currently, which of the following businesses are not owned or operated by TATA
Group?
a. TATA Steel b. Indian Institute of Sciences c. TATA Power d. JSW Steel

6. EDP is required to help

a. Existing entrepreneurs b. First generation entrepreneurs c. Future generation
entrepreneurs d. None of the above
7. An individual who starts, creates and manages a new business can be called
.
A. A leader
B. A manager
C. A professional
D. An entrepreneu
7. Multiple Choice Questions.
1
7. an Individual who starts crates and manages a new business is called
a. A Leader b. A managerc. A Professional d. An Entrepreneur

8. Which of the following firm achieves modest growth?

a. high potential growth firm b. Foundation firm c. Lifestyle d. Public company

9. LMM stands for

a. Locally Manufactured Machinery b. Locally Manufactured Marble c. Local Marble
Market d. Local Meat market

10. __________ Businesses are considered the backbone of the American business
industry
a. Family owned b. Non-family c. Public sector d. Professionally run

11 Innovation can best be defined as_______.

A. the generation of new ideas. B. the evolution of new ideas. C. the opposite of
creativity. D. the successful exploitation of new ideas

12 Which of these statements best describes the context for entrepreneurship?

A. Entrepreneurship takes place in small businesses. B. Entrepreneurship takes
place in large businesses. C. Entrepreneurship takes place in a wide variety of
contexts. D. Entrepreneurship does not take place in social enterprises.

13 . An entrepreneur is:
A. Born B. Made C. Bom and made both D. All of these

14 2. In under developed countries, local mobile phone companies use the same
technology used by big companies to manufacture their products. Which of the
following type of Entrepreneurs is highlighted above:
A. Trading Entrepreneurs B. Imitative Entrepreneurs C. First generation
Entrepreneurs D. Innovative Entrepreneurs

15 Entrepreneurship can best be described as _________.

A. a process that requires setting up a business. B. taking a significant risk in a
business context. C. having a strong vision. D. a process involving innovation, new
products or services, and value creation

16 Which of the following attitudes Is not generally associated with successful

entrepreneurship :
A. Competition and co-operation B. Desire to influence others C. Innovation and
product improvement D. Status quo in business

17 The function of entrepreneur are: A. To imagine a business idea B. To study

project feasibility C. To setup enterprise D. All the above

18 An entrepreneur’s primary motivation for starting a business is a) To make

money b) To be independent c) To be famous d) To be powerful

19 _______________ actions by an entrepreneur are most likely to contribute to

creative destruction. a) Development of a new product b) Take-over of a competitor
c) Issuing shares d) Development of a new product

20 The resistance of employees in an organization against flexibility, growth, and

diversification can be overcome by developing_____________. a) Entrepreneurship
b) Managerial domain c) Intrapreneurship d) Administrative domain

21 . Individuals influencing an entrepreneur’s career choice and style are known as

which of the following? a) Role model b) Moral-support network c) Professional
support network d) Support system

22 . Which of the following factor has allowed small companies to act like they are
big ones? a) Technology b) Customers c) Economic development d) Competition

23 . Entrepreneurs are_________ a. Moderate risk taker b. High risk taker c.

Avoidance d. Both b and c
24. EDP (Entrepreneurship Development Programmes) is required to help:
a. Existing Entrepreneurs b. First generation Entrepreneurs c. Future Generations
Entrepreneurs d. None of the above

25 What is the most common reason given for why people choose to become
entrepreneurs? a. To make a lot of money. b. To escape the long hours associated
with corporate jobs. c. To be their own boss. d. To be able to retire early

2 marks
Who is an entrepreneur?
Ans:-The term “entrepreneur” is derived from the French word entrepreneur which
means, “to undertake” i.e., the person who undertakes the risk of new enterprise.

Define innovating entrepreneur.

Ans:-Such entrepreneurs introduce new goods or new methods of production or
discover new markets or reorganize their organizations. Entrepreneurs in this group
are characterized by an aggressive assemblage of information for trying out a novel
combination of factors. Such entrepreneurs can do well only when a certain level of
development has already been achieved; they look forward to improving upon the
past.

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.

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

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

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

. List out some of the qualities of true Entrepreneur.

Energetic, hard working Interested in expanding the scale of operations Visualize
changes Firm believer in planning & systematic work.

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

What are the Factors affecting Entrepreneurship growth?

Economic factors Social factors Cultural factors Personality factors Psychological
and sociological factors.
5 marks
Differences between Entrepreneurship, Entrepreneur & Enterprise
Functions of Entrepreneur
Role of Entrepreneur for Economic Development
Factors influencing Entrepreneurship
Pros and Cons of being an Entrepreneur
Differences between Manager and Entrepreneur
Qualities of an Entrepreneur
Types of Entrepreneurs
Women Entrepreneurs and challenges

1. Give a brief classification of different types of entrepreneurs.

Answer 1. Entrepreneurs according to the type of business
a. Business entrepreneur: Business entrepreneurs are individuals who conceive an
idea for a new product or service and then create a business to materialize their
idea into reality. Trading Entrepreneur: The trading entrepreneur is one who
undertakes trading activities and is not concerned with the manufacturing work
 b. Industrial Entrepreneurs: Industrial entrepreneur is essentially a manufacturer
who identifies the potential needs of customers and tailors a product or service to
meet the marketing needs.
c. Corporate Entrepreneur: Corporate entrepreneur is a person who demonstrates
his innovative skill in organizing and managing corporate undertaking.
d. Agricultural Entrepreneur: Agricultural entrepreneur are those entrepreneurs who
undertake agricultural activities as raising and marketing of crops, fertilizers and
other inputs of agriculture.

2.Explain the Functions of Entrepreneur

Gathering information ·
Identifying potential opportunities ·
Assessing possible competitive advantages
·Uncovering business idea ·
Competitor analysis ·
Exploring financial options
Choosing legal form of business
Legal Issue: patents & copyright
Structuring organizational design

3 List out the Role of Entrepreneur for Economic Development

(1) Promotes Capital Formation: Entrepreneurs promote capital formation by
mobilising the idle savings of public
(2) Creates Large-Scale Employment Opportunities: Entrepreneurs provide
immediate large-scale employment to the unemployed which is a chronic problem of
underdeveloped nations
(3) Promotes Balanced Regional Development: Entrepreneurs help to remove
regional disparities through setting up of industries in less developed and backward
areas
(4) Reduces Concentration of Economic Power: Economic power is the natural
outcome of industrial and business activity. Industrial development normally lead to
concentration of economic power in the hands of a few individuals which results in
the growth of monopolies.
5 Wealth Creation and Distribution: It stimulates equitable redistribution of wealth
and income in the interest of the country to more people and geographic areas, thus
giving benefit to larger sections of the society.
6. Improvement in the Standard of Living: Increase in the standard of living of the
people is a characteristic feature of economic development of the country

4. Give a brief on Differences between Entrepreneurship and Entrepreneur

5. List out the factors influencing Entrepreneurship

POLITICAL ENVIRONMENT: Political forces define the business climate by the
constraints they impose and by the activities they permit. Political factors include: 1.
Political philosophy 2. Political atmosphere
ECONOMIC ENVIRONMENT Condition of the economy where the business
primarily operates. It includes: 1. Economic resources 2. Economic conditions 3.
Economic policies
LEGAL ENVIRONMENT It refers to the regulatory framework within which an
enterprise operates. Legal environment includes flexibility and adaptability of the
law and other legal rules governing the business activities in a country. Factors
related with legal environment are: 1. Determining areas 2. Regulation of
entrepreneurial functions 3. Regulating results of entrepreneurial activities4. Labour
policies 5. Trade and tariff policies
SOCIO-CULTURAL ENVIRONMENT It prepares the background for
entrepreneurial activities. The social setting in which the people grow, shapes their
basic believes, values and norms. It includes: 1. Caste system 2. Consumer opinion
3. Cultural structure
TECHNOLOGICAL ENVIRONMENT Technology represents the application of
scientific knowledge for practical purpose. It includes the expertise, procedures and
systems used by enterprise to make profound changes in the transformation
process and in goods and services. Factors leading to entrepreneurial growth are:
1. Better utilisation of productive resources 2. Increase in competition capacity 3.
Risk Efficiency 4. Improvement in productivit

6. What are the Pros and Cons of being an Entrepreneur

7. Discuss the differences between Manager and Entrepreneur

8. Mention the Qualities of an Entrepreneur

Curiosity-Successful entrepreneurs have a distinct personality trait that sets them
apart from other organizational leaders: a sense of curiosity.
2. Adaptability-The nature of business is ever-changing. Entrepreneurship is an
iterative process, and new challenges and opportunities present themselves at
every turn.
3. Team Building-A great entrepreneur is aware of their strengths and weaknesses.
Rather than letting shortcomings hold them back, they build well-rounded teams that
complement their abilities.
4. Risk Tolerance-Entrepreneurship is often associated with risk. While it’s true that
launching a venture requires an entrepreneur to take risks, they also need to take
steps to minimize it.
5. Comfortable with Failure-In addition to managing risk and making calculated
decisions, entrepreneurship requires a certain level of comfort with failure.
6. Persistence-While many successful entrepreneurs are comfortable with the
possibility of failing, it doesn’t mean they give up easily. Rather, they see failure as
an opportunity to learn and grow.
7. Innovation-Many ascribe to the idea that innovation goes hand-in-hand with
entrepreneurship.

9. Describe the challenges of Women Entrepreneurs