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Introduction to Entrepreneurship

Chapter 1 Introduction to Entrepreneurship


Subjective Questions

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.

True or False Questions

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

1 Which of the following statements relates to the definition of an entrepreneur as introduced


by Richard Cantillon in 1975?

A An entrepreneur is a person who forms an organization for commercial purposes.


B An entrepreneur is an innovator.
C Entrepreneurs are individuals who actively form or lead their own business.
D An entrepreneur is a person who undertakes to do a job.
E All of the above.

2 The benefits of running an online business include the following, except

A Timeless access, i.e. 24 hours a day, 7 days a week.


B Borderless access, i.e. opportunities to manage the business from anywhere in the world.
C Cost savings.
D Improved delivery of products.
E Personalized customers services.

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Introduction to Entrepreneurship

3 Which of the following are the most common characteristics of entrepreneurs?


A Creative, innovative, resourceful, and possess a high level of initiative.
B Willingness to work hard to achieve aspired objectives with a high degree of
commitment, determination, perseverance, tenacity and discipline.
C Possess the ability to take calculated risks, exhibit tolerance for ambiguity and the
ability to accept failure.
D Possess the ability to think independently, exhibit high level of self-confidence,
optimistic and believe in controlling ones own destiny.
E All of the above.

Answers:

Subjective Questions

1 Founder, Opportunity, Team, Resources


2 Any four of the following:
Initiative
See and act on opportunities
Persistence
Information-seeking
Concern for high quality work
Commitment to work contract
Efficiency orientation
Systematic planning
Problem-solving ability
Self-confidence
Assertiveness
Persuasion
Use of influence strategies
3 Any three of the following:
Private or independent entrepreneurship
Corporate entrepreneurship
Social entrepreneurship
Public sector entrepreneurship
Cooperative entrepreneurship
Digital entrepreneurship
Franchise entrepreneurship

True or False Questions

1 False
2 True
3 True
4 False
5 False
6 True
7 True
Oxford Fajar Sdn. Bhd. (008974-T), 2017 All Rights Reserved
Introduction to Entrepreneurship

Multiple-choice Questions

1D
2E
3E

Oxford Fajar Sdn. Bhd. (008974-T), 2017 All Rights Reserved

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