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Topic One Exam Questions With Answers

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Topic One Exam Questions With Answers

Uploaded by

mchembemartini
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© © All Rights Reserved
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Download as PDF, TXT or read online on Scribd
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Answers for Examination Questions

Section A: Multiple Choice Questions

1. b) Identifying and exploiting opportunities

2. b) Creates new business ideas and solves problems

3. b) Developing a new product while employed in a company

4. c) Solving social problems and creating social value

5. b) Founding Grameen Bank and promoting microfinance

Section B: Short Answer Questions

1. Entrepreneurship is the process of identifying and exploiting opportunities to create value by

starting and managing a business while assuming associated risks.

Importance:

- Encourages innovation and creativity.

- Creates jobs and reduces unemployment.

- Drives economic growth.

- Enhances competition and market efficiency.

2. Business Entrepreneurship: Focuses on identifying profitable opportunities and creating

businesses to generate financial returns.

Social Entrepreneurship: Focuses on solving social or environmental problems and creating social

value. Key Difference: Profit vs societal impact.

3. Characteristics of Entrepreneurs:

- Innovative and Creative: Think outside the box.

- Calculated Risk-Taking: Assess risks before acting.

- Self-Confidence: Trust in their abilities to succeed.

4. Restrictive Environment for Intrapreneurs:


- Follow instructions: Limited freedom.

- Do not make mistakes: Failure discouraged.

- Bureaucratic approval layers: Hinder innovation.

- Conservatism: Reluctance to change.

- Inadequate rewards: Lack of incentives for innovation.

5. Relationship Between GETs and Success:

High GETs like creativity, risk-taking, and perseverance enable entrepreneurs to identify

opportunities, innovate, and remain committed, leading to higher chances of business success.

Section C: Essay Questions

1. Entrepreneurship involves identifying opportunities in the market, such as unmet customer needs

or gaps in products/services, and creating mechanisms to exploit them. For example, Steve Jobs

revolutionized the tech industry with the iPhone. Entrepreneurs contribute to economic growth, job

creation, and innovation through strategic planning and creativity.

2. I would choose the candidate with a Bachelor's degree and high GETs. High GETs indicate

qualities like risk-taking, innovation, and perseverance, which are crucial for leadership roles. While

a Master's degree represents advanced education, it does not guarantee these traits. High GETs

are more aligned with dynamic business needs.

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