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1 List four major necessary components of the Timmons Model of Entrepreneurial Process in
venture creation.
2 List four entrepreneurial characteristics included in the McClelland and McBer personal
entrepreneurial competencies (PEC) or inclinations among successful entrepreneurs.
3 List three types of entrepreneurship.
1 Entrepreneurial activities are more thriving and plentiful in socialist and communist countries
than in a free market economy.
2 Through entrepreneurial activities, consumers get to choose products or services best suited to
their needs and budgets.
3 Entrepreneurship can be defined as the activity of setting up a business or businesses, and
taking on financial risks in the hope of making profit.
4 Richard Cantillon termed entrepreneur as an innovator who introduced new innovations to
replace old products and old ways of doing things and he described the process as creative
destruction.
5 Joseph Schumpeter states that an entrepreneur is a prime mover in economic activities of
private enterprises; where an entrepreneur is the fourth factor of production, after land, labour
and capital.
6 Adam Smith (1776) defines an entrepreneur as a person who acts as an agent in transforming
demand into supply.
7 Private or independent entrepreneurship refers to the entrepreneurial activities of private or
independent firms where the entrepreneurship process is most prevalent.
Multiple-choice Questions
Answers:
Subjective Questions
1 False
2 True
3 True
4 False
5 False
6 True
7 True
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Introduction to Entrepreneurship
Multiple-choice Questions
1D
2E
3E