Chapter 2

Question 1

Entrepreneur as primary motivated by an overwhelming need for achievement and strong urge to build

Answer 1

David McClelland

Question 2

Conclude that they are tough, pragmatic people driven by needs of independence and achievement

Answer 2

Collins and Moore

Question 3

Entrepreneur as mercurial that is prone to insights, brainstorms, deceptions, ingeniousness and resourcefulness.

Answer 3

Bird

Question 4

Entrepreneur exhibit extreme optimism in their decision making process

Answer 4

Cooper, woo & dunkelberg

Question 5

claim
entrepreneurs are prone to overconfidence and
over generalizations.

Answer 5

Busenitz and Barney

Question 6

found there, are four types of
entrepreneur: the innovator, the calculating
inventor, the over-optimistic promoter, and the
organization builde

Answer 6

Cole

Question 7

Types of entrepreneur

Answer 7

Innovator entrepreneur
adoptive entrepreneur
Fabian entrepreneur
Drone entrepreneur

Question 8

type of
entrepreneurs who are very traditional, orthodox and
conservative in outlook

Answer 8

Drone entrepreneur

Question 9

They are characterized by very great caution in
experimenting any change in their enterprise

Answer 9

Fabian entrepreneur

Question 10

The one who introduces new goods, inaugurates
new method of production, discovers new market and
reorganizes the enterprise

Answer 10

Innovative entrepreneur

Question 11

There are characterized by readiness to adopt
successful innovations inaugurated by innovating
entrepreneurs

Answer 11

Adoptive entrepreneur

Question 12

Classification according to Arthur Harrison Cole

Answer 12

Empirical
Rational
Cognitive

Question 13

sophisticated. They have experts to advise
them and acts upon accordingly. They
introduce changes whenever necessary.
These changes may completely break from
the existing scheme of enterprise.

Answer 13

Cognitive

Question 14

rarely introduces anything radical,
innovative or revolutionary. They are
guided by the principle of rule of thumb.

Answer 14

Empirical

Question 15

have
the information and are aware about the
business environment. They understand the
prevailing economic conditions and are
ready to introduce modifications when
necessary.

Answer 15

Rational

Question 16

CONTRIBUTIONS OF ENTREPRENEURS

Answer 16

Create employment.
Introduce new technologies,
Mobilize capital resources.
Discover new sources of material.
Develop new markets.

Question 17

CHARACTERISTICS OF AN ENTREPRENEUR

Answer 17

• Hardworking
• Business acumen and Sincerity
• Prudence
• Self-Reliance
• Highly Optimistic
• Keen Foresight
• Planning and Organizing Ability
• Innovativeness
• Risk-taker
• Public Relation

Question 18

Other Types of Entrepreneur

Answer 18

Life Timers
Buyers
Inventors
Active Partners
Solo Operators

Question 19

These are the entrepreneurs who start or carry on their
enterprise as a joint venture.

Answer 19

Active Partners

Question 20

On the Basis of Experience

Answer 20

First Generation Entrepreneurs
Entrepreneurs by Inheritance

Question 21

On the Basis of the Level of Motivation

Answer 21

Spontaneous Entrepreneurs
Induced Entrepreneurs
Pure Entrepreneurs

Question 22

On the Basis of Profession

Answer 22

Forced Entrepreneurs
Professional Entrepreneurs

Question 23

On the Basis of the Kind of Business

Answer 23

Corporate Entrepreneurs
Trading Entrepreneurs
Agricultural Entrepreneurs
Industrial Entrepreneurs

Question 24

Based on Utilization of Technology

Answer 24

Non-Technical Entrepreneurs
Technical Entrepreneurs

Question 25

DIFFERENT CATEGORIES OF ENTREPRENEURS

Answer 25

On the Basis of the Kind of Business Based on Utilization of Technology On the Basis of the Level of Motivation On the Basis of Profession On the Basis of Experience Other Types of Entrepreneur

Question 26

Entrepreneurs are the organizers and coordinators of the major factors of production, such as land labor and capital.

Answer 26

Mobilize capital resources.

Question 27

Entrepreneurs are never satisfied with traditional or existing sources of materials.

Answer 27

Discover new source of material

Question 28

Under the modern concept of marketing markets are people who are willing and able to satisfy their needs.

Answer 28

Develop new markets

Question 29

These entrepreneurs had not inherited any family business. They had established their own enterprises. They are self-made and lack any previous entrepreneurial experiences.

Answer 29

First Generation Entrepreneurs

Question 30

entrepreneurs have the inherent urge and aptitude to become entrepreneurs

Answer 30

Spontaneous Entrepreneurs

Question 31

Have many of the same character trait as leaders. Often constructed with manager and administrator who are said to be more methodical and less prone to risk taking

Answer 31

Entrepreneurs

Question 32

Entrepreneurs are associated with the manufacturing process and industrial activities

Answer 32

Industrial entrepreneurs

Question 33

Entrepreneurs are entrepreneurs involved in agricultural and allied activities

Answer 33

Agricultural entrepreneurs

Question 34

They do not engage themselves with the manufacturing work

Answer 34

Trading entrepreneurs

Question 35

They are successful at initiating and running corporate business

Answer 35

Corporate entrepreneurs

Question 36

They use the technical skills in establishing manufacturing units and improving the manufacturing units with the latest level of technology

Answer 36

Technical entrepreneurs

Question 37

This entrepreneurs are remotely concerned with the technical aspect of entrepreneurship. They focus on evolving alternative strategies of marketing and distribution in order to promote their business

Answer 37

Non-technical entrepreneurs

Question 38

They are guided by the profit motive

Answer 38

Pure entrepreneurs

Question 39

The government also provide incentives, subsides, tax exemptions, financial and technical assistance in order to induce persons to become entrepreneurs

Answer 39

Induced entrepreneurs

Question 40

This entrepreneurs have kin interest in establishing business enterprises

Answer 40

Professional entrepreneurs

Question 41

They are certain entrepreneurs who are compelled by their socio-economic backgrounds to take up entrepreneurship

Answer 41

Forced entrepreneurs

Question 42

Entrepreneurs take up their entrepreneur activity and individual level they can start both large scale enterprises and small enterprises

Answer 42

Individual entrepreneurs

Question 43

This entrepreneurs inherit the family business from their previous generation

Answer 43

Entrepreneurs by inheritance

Question 44

Categories of entrepreneurs

Answer 44

Woman entrepreneurs Rural entrepreneurs Solo entrepreneurs Inventors Social entrepreneurs

Question 45

Maybe defined as woman or a group of women who initiate organized and operate the business enterprise

Answer 45

Woman entrepreneurs

Question 46

A class of entrepreneurs who carry out entrepreneur activities by establishing industrial and business units in the rural sectors of the economy

Answer 46

Rural entrepreneurs

Question 47

Establish their enterprise individually. they use their own capital intelligence to establish and run enterprise successfully

Answer 47

Solo entrepreneurs

Question 48

This entrepreneurs are highly creatives

Answer 48

Inventors

Question 49

This entrepreneurs are involved in bringing out development and transformation of the society

Answer 49

Social entrepreneurs

Question 50

These are the entrepreneurs who is essentially work alone and if needed at all employ a few employees

Answer 50

Solo operators

Question 51

These are those entrepreneurs who do not like to bear much risk

Answer 51

Buyers

Question 52

This entrepreneurs take business as an integral part of their life

Answer 52

Lifetimers

Question 53

The biggest employer is the private business sector

Answer 53

Create employment

Question 54

Aside from being innovators and reasonable risk taker entrepreneurs take advantage of business opportunities and transform this into profits.

Answer 54

Introduce new technologies

Question 55

Advantage of entrepreneurship

Answer 55

Enormous personal financial gain. Development of new markets. More goods and service available. The ability to have great accomplishments. Reduction of informal economy. Freedom from the dependency on the job offered by others.