Reference no: EM131920156

Assignment - Entrepreneurship

SECTION A -

Question 1 - In each of the following cases only one answer is correct.

1.1 Select the alternative which Entrepreneurship is not:

a) The process of creating and/or seizing viable business opportunities and to mobilise the resources and managing risks to profitably exploit them.

b) Kirzner's entrepreneur is a person who discovers previously unnoticed profit opportunities.

c) It is a process that involves the starting of a new business with the aim of creating jobs.

d) Accepting the role of "creative destruction".

1.2 A social entrepreneur is a person that:

a) Makes his money by obtaining government contracts

b) Organizes social events such as music events

c) Solves community problems

d) Does business within a mixed economy

1.3 Once an enterprise is established, the entrepreneur has to act more like a ________.

a) Director

b) Intrapreneur

c) Manager

d) Shareholder

1.4 Long term planning is also referred to as:

a) Operational planning

b) Strategic planning

c) Functional planning

d) None of the above

1.5 Within the "Planning" group of personal entrepreneurial characteristics (PECs) one will find:

a) Goal setting

b) Self-confidence

c) Persuasion an Networking

d) Risk taking

1.6 Which of the following is not a step in the control process?

a) Measuring actual performance

b) Taking corrective action

c) Identifying the persons that are responsible for mistakes

d) Establishing performance standards

1.7 Which of the following is not a function within an enterprise?

a) Administrative function

b) Selling

c) Production

d) Finances

1.8 One of the factors of production is land. The remuneration for this is:

a) profit

5) salaries and wages

c) rent

d) interest

1.9 If more people prefer to move to and live in cities, this phenomenon can be regarded as an example of a:

a) social factor

5) physiological factor

c) demographic factor

d) constraining factor

1.10 ________ (fill in the missing words) is the most important role of government in creating a climate for entrepreneurship.

a) A comprehensive social security programme

b) An effective schooling system

c) The protection of private property rights

d) Accessible legal assistance

Question 2 - Match the concept in COLUMN A to its description in COLUMN B.

COLUMN A		COLUMN B
2.1	No 1 Business Goal	A	Must be legal and based on consent
2.2	Socialist economic system	B	Joseph Schumpeter
2.3	Agreements	C	Profit
2.4	A model of the entrepreneurial process	D	An important indicator of entrepreneurial success
2.5	Gathering resources	E	Is an emerging field of study within the concept of entrepreneurship
2.6	Internal locus of control	F	Ability to see, to discover and exploit opportunities that others miss
2.7	Project-entrepreneurs	G	Often seen as a business leader and innovator of new ideas and business processes
2.8	Women entrepreneurship	H	Technical know-how, finance, physical assets, people and some that are intangible
2.9	Entrepreneurial alertness	I	A predisposition to behave in a certain way
2.10	Strategic Growth intentions	J	Innovation, triggering event, implementation, growth
		K	The state acts as the entrepreneur - often unsuccessfully
		L	Are exposed repeatedly to problems and tasks typical of the entrepreneurial process
		M	Inability to balance the various aspects of running a business
		N	Government organisations
		O	Organisations that manage to harness the benefits of digital technologies
		P	Adam Smith
		Q	Market expansion, technological change, garnering resources, operations and developing the organisation.

SECTION B -

Question 3 - Identify and comprehensively discuss the Hisrich and Peters model (Moore-Bygrave model) of the entrepreneurial process and compare it with at least one of the many other models of the entrepreneurial process.

Question 4 -

4.1 List and describe the FIVE (5) main steps that make up the opportunity identification stage in the entrepreneurial process.

4.2 There are FIVE (5) indications that a business is growing. List and describe them.

Question 5 -

5.1 Write a description of the planning, Organising and Leadership functions of a manager.

5.2 Write a detailed description of the control process of management.