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Entrep 1
Character Traits and Sources of Entrepreneurial Ideas
| Question | Answer |
|---|---|
| What is the Achievement Cluster? | A set of entrepreneurial traits focused on the desire to achieve, including productivity and aspiring for quality rather than settling for less. Successful entrepreneurs set goals and find ways to achieve them. |
| What does an Opportunity-Seeker do? | Seeks and acts on new business opportunities, seizes unusual opportunities for financing, equipment, land, workspace, or assistance. |
| How does a highly committed entrepreneur behave? | Displays full commitment, avoids negativity, accepts responsibility, coordinates workers, prioritizes customer satisfaction, and ties commitment to interest. |
| What are the traits of a Persistent entrepreneur? | Takes repeated actions to overcome obstacles, makes sacrifices, exerts extraordinary effort, sticks to judgment despite opposition, and avoids quitting or surrendering. |
| What are the three types of Risk-Takers? | Aggressive: Not scared to take any risks. Moderate: Calculative, analyzes before acting. Conservative: Hesitant, prefers small business with regular clients. |
| How does an Efficient and Quality-Oriented entrepreneur operate? | Values efficiency and quality, performs tasks to high standards, improves past performance, aims for zero defects, and minimizes costs while maximizing output. |
| What is the Planning Cluster? | A set of traits focused on setting goals, gathering information, and systematically planning and monitoring entrepreneurial activities. |
| What does a Goal-Setter do? | Sets clear, specific, short- and long-term goals and objectives guided by the SMART principle (Specific, Measurable, Achievable, Realistic, Time-bound). |
| What are the characteristics of an Information-Seeker? | Seeks relevant data on customers, suppliers, and competitors; verifies information from multiple sources; consults experts; ensures complete information for sound decisions. |
| What does Systematic in Planning and Monitoring mean? | Follows a rational, logical, step-by-step approach to planning (setting goals) and monitoring (evaluating activities) to ensure they align with plans. |
| How does a systematic entrepreneur plan and monitor? | Gathers qualitative and quantitative data, develops logical steps, monitors progress, switches strategies if needed, and evaluates alternatives. |
| What is the Power Cluster? | Traits reflecting interpersonal relationships with stakeholders (suppliers, customers, etc.) and how entrepreneurs project themselves in the business community. |
| What does a Persuasive and Positive Networker do? | Influences stakeholders positively without bribery, uses brilliant ideas, adopts respectful strategies, and leverages business contacts to meet goals. |
| What defines a Self-Confident entrepreneur? | Projects a favorable image based on respect and good deeds, trusts in themselves, builds confidence gradually through past experiences. |
| Why is knowing oneself important in entrepreneurship? | It helps determine necessary skills and expertise to respond to business opportunities and ensures readiness for ventures. |
| Are all listed entrepreneurial traits required for success? | No, the list is not inclusive, and possessing all traits doesn’t guarantee success. |
| True or False: A quality-oriented entrepreneur produces goods based on his or her perception. | False. They produce high-quality goods based on standards, not just perception. |
| True or False: Planning refers to reviewing past performances. | False. Planning is setting goals and objectives, not reviewing past performance. |
| True or False: Goals are broad, while objectives are specific. | True. |
| True or False: An information-seeker uses unverified data for decisions. | False. They verify data from multiple sources. |
| True or False: Planning and monitoring are unrelated activities. | False. They are inseparable entrepreneurial activities. |
| True or False: Possessing all traits ensures entrepreneurial success. | False. Success isn’t guaranteed by traits alone. |
| True or False: An opportunity-seeking entrepreneur exploits all business opportunities. | False. They assess feasibility first. |
| True or False: A persistent entrepreneur quits after failure. | False. They persist despite setbacks. |
| True or False: A risk-taking entrepreneur engages in all risky ventures. | False. Risk-taking varies (aggressive, moderate, conservative). |
| True or False: An efficient person produces more using more input. | False. Efficiency means producing more with minimal input. |
| What are the main sources of entrepreneurial ideas? | Changes in the Environment, Technological Discovery and Advancement, Government’s Thrust/Programs/Policies, People’s Interests, Past Experiences. |
| What are the steps in turning an idea into a venture? | Creation of entrepreneurial idea → Identification of opportunities → Opening of entrepreneurial venture. |
| What are the components of the External Environment? | Physical Environment, Societal Environment, Industry Environment. |
| What does the Physical Environment include? | Climate, natural resources, wildlife. |
| What does the Societal Environment include? | Technological forces, government, political forces, economic forces, social factors. |
| What does the Industry Environment include? | Competitors, suppliers, employees. |
| How does Technological Discovery and Advancement generate ideas? | New technology or improvements (e.g., engine parts reducing fuel consumption) inspire business ventures. |
| How do Government Thrusts, Programs, and Policies inspire ideas? | Priorities, projects, and policy changes create new entrepreneurial opportunities. |
| How do People’s Interests lead to business ideas? | Interests, hobbies, problems, and preferences (e.g., internet cafes, amusement parks) drive adaptive ventures. |
| How do Past Experiences contribute to entrepreneurial ideas? | Skills and expertise from past work (e.g., an auditor opening an auditing firm) lead to related ventures. |
| True or False: The foundation of a new venture is expected profit. | False. It’s based on ideas and opportunities, not just profit. |
| True or False: New business ideas provide business opportunities. | True. |
| True or False: Not all changes in the external environment provide opportunities. | True. |
| True or False: The physical environment includes the technological environment. | False. They are separate (Physical: climate, resources; Societal: technology). |
| True or False: People’s interests and hobbies are a good source of ideas. | True. |
Created by:
annebelle
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