TOPIC 1

1. Entrepreneurship is the symbol of business ____________ & _____________. 

(tenancy & achievement)

2. Entrepreneurship is recognized throughout the world as a ________________.

(catalyst for economic growth)

The word entrepreneur is derived from the French word entreprendre, meaning
_______________ (to undertake)

According to Histrich & Peter (1998), entrepreneurship is the dynamic process

of creating _______________________. (incremental wealth)

3. Entrepreneurship as defined by Kuratko & Hodgetts (2004) is a process of

innovation and new venture creation through four dimensions. Name the first
dimension ___________________. (individuals)

4. To a psychologist, entrepreneurs are individuals who are driven to seek

_______________. (incremental wealth)

5. Entrepreneurship as defined by Kuratko & Hodgetts (2004) is a process of

innovation and new venture creation through four dimensions. Name the first
dimension ___________________. (Individuals)

6. To a psychologist, entrepreneurs are individuals who are driven to seek

_______________. (challenges and accomplishments)

7. Entrepreneurship is a catalyst for economic _______________ & _________________.

(change and growth)
8. Entrepreneurship, through its creativity and innovation process produces new
products and services to fulfil ____________ (human needs)
9. What is the first myth of entrepreneurship?  (entrepreneurs are doers, not
thinkers.)
10. Describe the importance of entrepreneurship.

(Entrepreneurship is important as a catalyst for economic change & growth. Through

its innovation, it creates new investment of new ventures which result in economic
development. Through this ventures, more jobs are created and unemployment rate
will be reduced. At the same time, the economic development will also increase the
per capita output & income.

Entrepreneurship through its creativity & innovation process also produces new
product & services to fulfill human needs. The newly produced better, quality and
cheaper products and services to the market helps to improve the lives of millions of
people.)Other than that, entrepreneurship are known as extremely generous in
donating  substantial portions of the wealth to eminently worthy causes.  
11. List two (2) basic aspects of entrepreneurship.

-entrepreneurship involves the creation process that is creating something new of value.
the creation has to have value to the entrepreneur as well as to the market for which it is
developed. 

-entrepreneurship requires the devotion of necessary time and effort.

12. Explain the meaning of “Entrepreneurship”

According to Histrich & peter (1998), entrepreneurship is the dynamic process of

creating incremental wealth. The wealth is created by individuals who assume major risks
in term of equity, time and career commitment or provide value for some products or
services. 

According to Kuratko & Hodgetts (2004), entrepreneurship is a process of innovation

and new venture creation through four major dimensions:
i)  Individuals
ii) Organisational
iii) Environmental
iv) Process

Integrated Definition of Entrepreneurship developed by Kuratko & Hodgess (2004):

Entrepreneurship is a dynamic process of vision ,change & creation. It requires an
application of energy & passion towards the creation & implementation of new ideas
and creative solutions. Essential ingredients include the willingness to take calculated
risks in terms of time, equity or career; the ability to formulate an effective venture team;
the creative skills to marshal needed resources; the fundamental skill of building a solid
business plan; and finally, the vision to recognise opportunity where others see chaos,
contradiction and confusion.

13. List Four (4) basic aspects of entrepreneurship.

1.) Entrepreneurship involves the creation process that is creating something new of
value. The creation has to have value to the entrepreneur as well as to the market for
which it is developed.

2.) Entrepreneurship requires the devotion of necessary time and effort.

3.) Entrepreneurship is assuming necessary risks which consist of a variety of forms

depending on field of effort of the entrepreneur, but usually centered around
financial, psychological, and social areas.

4.) Entrepreneurship involves the rewards of being an entrepreneur. The most

important of these rewards is independence followed by personal satisfaction. The
 monetary reward also comes into play profit entrepreneurs. To some entrepreneurs,
money is the sign and symbol of success.

14. List Five (5) entrepreneurship myths.

Myth 1 - Entrepreneurs are doers, not thinkers

Myth 2 - Entrepreneurs are born, not made

Myth 3 - Entrepreneurs are always inventors

Myth 4 - Entrepreneurs are academic and social misfits

Myth 5 - Entrepreneurs must fit the "Profile"

15. Explain at least 4 characteristics of successful entrepreneurs.

1) Flexibility - Entrepreneurs are not rigid in their ventures. They are flexible and have
the ability to adapt to the changing demands of their customers and businesses. In
this rapidly changing world economy, rigidity often leads to failure.

2) Seeking feedback - Entrepreneurs like to know how they are doing and are
constantly looking for reinforcement. They actively seek and use feedback to
improve themselves and their venture performance. From feedback, entrepreneurs
can learn from their mistakes.

3) Independent - Entrepreneurs are independent people. They like to accomplish

tasks in their own way. This does not mean entrepreneurs must make all the
decisions. They want to have authority to make important decisions.  

4) Creative and Innovative - Creative and innovativeness are important for

entrepreneurs to gain a competitive advantage in their venture performance. From
feedback, entrepreneurs can learn from their mistakes.

TOPIC 2

1) What is the first characteristic of successful entrepreneurs?

(Innovative & Responsibility)

2) Entrepreneurs that focus and start on opportunities rather than on resources,

structure or strategy. Refers to as _________. (Opportunity Orientation)

3) Entrepreneurs are not wild risk-takers; they are calculated risk takers. The
statement refers to ___________. (Moderate Risk-taker)
 4) Entrepreneurs like to know how they are doing and are constantly looking for
reinforcement. This statement refers to as _____. (Seeking Feedback)

5) Entrepreneurs know what they want to achieve. This statement refers to as an

________________. (Ability to Set Vision)

6) Entrepreneurs believe that the success or failure of their venture depends on

themselves. This statement refers to as _________. (Internal Locus of Control)

7) Entrepreneurs believe that the success or failure of their venture depends on

themselves. This statement refers to as ________.

8) Entrepreneurs are not rigid in their venture. This statement refers to as

_____________________. (Flexibility)

9) Entrepreneurship is not a genetic trait; it is a ____________________________.

(it is a learned skill)

10) Low risk taker characteristic is belongs to ________________________.

11) Describe the differences between: 

– Businessman and an entrepreneur 

– Manager and entrepreneur

Businessman vs entrepreneur

Businessman

1. engages in business activities for the purpose of profit to support his living and his family

2. low risk taker

3. follows others and invests only in tested and proven markets

Entrepreneur

1. starts the venture, assumes leadership and expands the venture to fulfill personal goals
and attain self accomplishment
2. moderate risk taker

3. takes calculated risks

Manager vs entrepreneur

Manager:

1. very conscious of rules and taboos

2. sensitive to the future and willing to postpone rewards

3. has a powerful need for acceptance

4. able to identify problems in any course of action makes detailed plans

Entrepreneur:

1. views rules only as guidelines

2. concept of the future based on personal goals. Low threshold for frustration

3. ambivalent towards control, success and responsibility. Can be manipulative and

exploitative of others

4. impatient with discussions and theories  prone to action and seems impulsive

12) List at least four (4) characteristics of successful entrepreneurs.

1) seeking feedback

2) creative and innovative

3) moderate risk-takers

4) independents

TOPIC 3

1) The ability to produce work that is novel, high in quality and appropriate. This
statement refers to as _________________. (definition on creativity.)

2) _________________ are vital elements for all levels of businesses in order for them
to grow and expand. (Creativity and innovation)
3) What is the first step in the creative thinking process by Kuratko & Hodgetts
(2004)? _______________. (knowledge accumulation)

4) What is the third step in the creative thinking process by Kuratko & Hodgetts
(2004)? _______. (idea)

5) Competition in the workplace, workers burdened with assignments, as well as

schedules and demands for quick production of results have hampered workers
from thinking creatively. This statement refers to as ____________.
(over-management)

6) Some people fear criticism. They are afraid that people will say that their ideas
are crazy, foolish and impractical. This statement refers to as ________________.
(fear of criticism)

7) Name the most common and powerful technique used to hatch ideas.
___________________. (Brainstorming)

8) Name the most common and powerful technique used to hatch ideas.
_______________. (Brainstorming)

9) Name the most useful and fun-filled technique of generating ideas.

______________. (Forced Analogy)

10) Name the technique that allows one to use pictures and/or word phrases to
organize and develop thoughts in a non-linear fashion. ____________.
(Mind Mapping)

11) What is the first characteristic of creative individuals? ___________________.

(Creative Individual are remarkably humble and proud at the same time)

12) What is the third characteristic of creative individuals? ______________.

(Creative individual dare to try new things.)

13) According to Kinicki and Williams (2003), innovation is refers to

________________________. (finding ways to deliver new or better goods & services)

14) The act of creating a new product, service or process that is totally novel or
untried. This statement refers to as ____________. (Invention)
 15) he expansion or addition to existing product lines, services or processes. This
statement refers to as ______________. (extension)

16) The process of combining separate parts or elements into a whole new
formulation or application. This statement refers to as ______. (Synthesis)

17) Changes in age, income, education level and employment have been a main
source of innovation. This statement refers to as ____________. (Changes of
Demographics.)

18) What is the second barrier to innovation? ______________________.

(Insufficient Resources)

19) There are four strategies to encourage creativity and innovation in an

organization, name the last strategy. ______________. (dare to fail)

20) Explain Four (4) barriers to creativity

Explain Four (4) sources of innovation with examples

21) Why are creativity and innovation are important to entrepreneurs?

Discuss Three (3) strategies that can be employed to encouraged creativity and
innovation.

22) List Four (4) phases in the creative process.

List and discuss Four (4) techniques to generate creative ideas.

23) Describe the decision making process of a nominal group.

24) List Three (3) rules of brainstorming.

TOPIC 4
1) Ventures environments can be divided into two parts, what are they?
1-marco view of the external environment 
2-Micro view of the external and internal environment 
2) Macro environment can influence business decision-making in the long term
and comprises uncontrollable elements. And it consists of four elements:
____________, ________________, __________________, & _________________.
1- politics and legislation 
2- Economy
3- socio cultural
4- Technology 

3) The internal organisation environment consists of: __________________,

________________, & _____________.
1) Organisation structure
2) Culture
3) Resources

4) Under the political and legislation environment, the national issues

entrepreneurs must be aware of are: _______ & _______. (Taxation & Regulation)

5) Under the political and legislation environment, the global issues entrepreneurs
must be aware of are: _________, ________ & ________.
(Trade Barriers and Tariffs, Political Risks & Trade Agreement)

6) The socio-cutural environment consists of: _____________ &

____________. (Demographics & Cultural trends)

7)  Technological change takes into two forms namely: ______________ & __________.
(Pure invention & Process innovation)

8) What is the most critical element in the entrepreneurial process?

1. identify and evaluate the opportunities

2. develop the business plan

3. resources required

4. manage the enterprise

9) Opportunity must fit the entrepreneur ________ & ____________. (personal skills and
goals of the entrepreneur)
 10) A business opportunity is a business concept that, if turned into a tangible
product or service offered by a business enterprise, will result in
_______________________. (financial profit)

TOPIC 5

1) It is a written document, which describes in detail the overall plans of a

business in which an entrepreneur aims to get involved. This statement refers
to as a ________________________. (business plan)

2) A business plan must communicate ______________ and ______________ clearly. (deas

and goals)

3) ______________, which shows the entrepreneur’s expertise in the business that

they plan to get involved in. (Evidence of focus)

4) ___________________   of who the entrepreneur’s target customers. (Knowledge)

5) A business plan is very importance to an entrepreneur. What is the first

importance reason? ________________. (Increase Opportunities for Success)

6) This action will enable an entrepreneur to make the right decisions and take
appropriate actions in the future. This statement refers to as __________________  &
_______________. (Develop Mission & Vision)

7) What is the most importance section of a business plan? ______________________.

(The executive summary)

8) What is the first guideline to be followed in order to produce an effective

business plan? ________________.  (Keep the Business Plan Short)

9) What is the second guideline to be followed in order to produce an effective

business plan? __________________.  (Be Focused)

10)What is the fourth guideline to be followed in order to produce an effective

business plan? ______________________. (avoid the use of Jargon)
 11)What is the first pitfalls to avoid in planning. __________________________.( No
realistic goals)

12)What is the fourth pitfall to avoid in planning? ____________________________. (ack of

business or technical experience)

TOPIC 6

1) There are several ways to start a new business thus what is the first frequently
practiced venture. ____________________. (Start-up)

2) What is a start-up? _____________ (a start-up is a company recently formed. it is a

process, the entrepreneur creates a completely new business starting from scratch.)

3) What is the first phase in start-up? _____________ (pre start-up phase)

4) What is the first steps and process in buying an existing business?

personal priority - needs to consider personal factors, lifestyles and aspirations.

i) your expectations in terms of earnings

ii) your commitment

iii) your strengths

iv) the type of business

v) the business sector you are interested in

5) What is the first advantage of buying an existing business? ______________.

(immediate operations)

6) What is the first disadvantage of buying an existing business? _______________.

(Costly)

7) What is the first advantage of franchising? __________________. ( Training &

Guidance)
 

8) What is the first disadvantage of franchising? _________________.( franchise Fees)

9) A business is owned and operated by one person. This is a legal form of
______________________. (Sole Proprietorship)

10) A business is owned and operated by two or more individuals. This is a legal
form of __________________. (Partnership)

11) A business is a separate legal entity apart from the entrepreneurs that own it.
This is a legal form of ________________________. (Corporation)

12) In Malaysia, what is the act being used to create a business organization?
_______________________. (1965 Company Act)

13) Describe the Four (4) advantages of a start-up new company.

1) freedom of making one's own decisions

2) the opportunity of using one's ideas and developing own image

3) the freedom to select the ideal location, equipment, products or services, employees,
suppliers and bankers.

4) ability to make changes to business

14) State all Three (3) phases in start-up a new venture.

1) pre start-up phase

2) start-up phase

3) post start-up phase

15) Describe briefly the Three (3) legal forms of organization.

16) Discuss Five (5) advantages and disadvantages of sole proprietorship.

17) Identify and discuss Five (5) advantages and disadvantages of franchising.
TOPIC 7

1) Describe Four (4) of the factors that explain the importance of networking

2) list down Four (4) effects of failure to build good networking.

1) damage the entrepreneur's reputation

2) damage the company's reputation

3) waste the resources of the company

4) waste time

3) Explain what are the Five (5) techniques to build confidence in networking.

4) Provide Three (3) advantages in informal and formal networking.