Entrepreneurship

Multiple choice questions

1. Which of the following is not the type of entrepreneur: Intrapreneurship

2. The process of creating something new is called: Innovation
3. Which of the following factor provide growth in business: business Idea
4. A is the type of entrepreneur who take someone else’s idea and tries to
shape it into his final products: Imitators
5. How many types of entrepreneurship: four, five, ten, eight.

Q1: What is meant by entrepreneurship?

A: Entrepreneurship is a process of setting up a new business .It is the ability to

develop organizes and a run a business .The most important example of
entrepreneurship is the starting of a new business.

Q2: Explain why internet –based entrepreneurship provide rapid opportunity to

grow as compared to home-based entrepreneurship?

A: Home –based business

 A home business is a small business that is operated from home.

 The business can be of any size or type as long as the office itself is located
in home.
 For example: tutoring, Content writing, designing.

Internet based entrepreneurs:

 it is a business owner who conduct his business on in the internet

 The entrepreneur‘s setup website to sell their goods and customer buy the
product online.
 for example: E-commerce websites, freelancing etc.

That’s why internet based entrepreneurship provide rapid opportunity to grow as

compared to home based entrepreneurship.
Q3.list down two advantages and dis advantages of imitating an entrepreneur.

A:

advantages disadvantages
Refining a business idea is easier and Ideas are always compared to the original idea
less stressful
Can learn and avoid mistakes that were Always have to always have to pay catch up
made by the originator

Q4.Differentiate between traditional entrepreneurship and digital

entrepreneurship.

A: Traditional Entrepreneurship:

 Traditional entrepreneurship deals with business that is related to normal

business Strategies and procedure.
 customers have the opportunity to visit the store physically to buy the
product

Digital entrepreneurship

 Digital entrepreneurship is related to the firm or entrepreneurial business

that the depends on digital technology
 example of digital business are online courses E-Commerce blogs YouTube
channel

Q5. Explain the process of starting a new business for an entrepreneur

A: Following steps are involved in starting a new business for an entrepreneur

Discovery: entrepreneur research the market and try to identify the requirements
of the customers he come up with the innovative idea .

Developing a business plan: entrepreneur development business plan to meet

the expectation of the customers he write down a complete business plan
including business objective product location and costing.
Resourcing: entrepreneur arrange the funds and other required resources like
manpower building to start a new business.

Managing company:

Entrepreneur Set up an organization manufacture the product and service and

start the promotion either using traditional, digital, social media.

Harvesting or exiting : is the method owners and investor used to get out of a
business and ideally reap the value of their investment in the firm.

Q6.Define entrepreneurs?

A: An entrepreneur is an individual who create a new business, bearing most of

the risk and enjoying most of the rewards. the entrepreneur is commonly seen as
innovator and a source of new ideas, goods, services and business or procedure.

Q7.what is different types of entrepreneur?

 home-based entrepreneur
 Internet based entrepreneur
 Innovators
 Imitators

Q8: Differentiate between innovators and imitators?

Innovators:

Innovators are the one who come up with the new ideas and turn them into hand
on hands on business

Imitators:

Imitator copy the idea of a certain business and work hard to make it successful.
Q9: Draw cycle of entrepreneurial process?

Developing
a business
plan

Discovery resourcing

Managing
Harvesting
a company

Q: Fill in the blanks.

1. The process of setting up new business is called entrepreneurship.

2. Elon Musk is the richest entrepreneur in the world.
3. There are five types of entrepreneurs.
4. Home based entrepreneur work which is operated from home.
5. Hustlers are those who focused on money.
6. A perfect example of hustler is Mark Cuban.
7. Those who always intend to introduce a new product in market to gain more customers are
Imitators
8. People who have youtube channels or do freelancing are known as Internet based
entrepreneurs.
9. The last step of entrepreneurial process is called harvesting.
10. Digital Entrepreneurship is the process of developing a business in which products and
services are sold online.