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Submitted to:

Dr. A. K. M.
Saiful Majid
Course:
Entrepreneurship
Director
Institute of
Business

Submitted by:
Parashar Saha
ZR 81
BBA 21st Batch,
Section B
Institute of
Business
Administration

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August 10, 2015

Professor Dr. A. K. M. Saiful Majid


Director
Institute of Business Administration
University of Dhaka

Re: Submission of Class Assignment

Sir,
It is a great honor for me that I am able to present my assignment based on the Entrepreneurship
quiz taken in our first day of class for your consideration as part of our Entrepreneurship
coursework. This assignment is based on the introductory personality of an entrepreneur and who
should be an entrepreneur. In this assignment, proper justifications of the chosen answers are
given.
I did my level best to complete the assignment in a way which can fulfill your expectations.

Sincerely,

Parashar Saha (ZR - 81)


Batch: 21st, Section: B
Institute of Business Administration
University of Dhaka
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Q.1 Faced with a problem the entrepreneur is most likely to:


a) Go to a close friend for help. This option is wrong because that specific close friend
might not have the adequate skill to solve the problem and get the entrepreneur out of
trouble.
b) Get help from a stranger who is known to be an expert. This is the best possible option
because even though the person is a stranger she/he knows how to solve the problem.
c) Try to work through the problem alone. This option is also incorrect because the
entrepreneur might not be an expert and thus lacks the adequate skill needed to solve the
problem.

Q. 2 The entrepreneur is most like the distance runner who runs mainly:
a) To work off energy and keep in good physical condition. This option is wrong because
the main concern of an entrepreneur is mainly related to her/his business rather than
physical exercise which will keep the person strong and healthy.
b) To gain the satisfaction of beating other competitors in the race. This option is wrong as
well because defeating other competitors is not the source of satisfaction they are looking
for.
c) To try to better his previous time over the distance. This is the best choice because an
entrepreneur initially sets few milestones and tries to achieve them one after another. To
achieve one after another they have to work hard and have to better their previous record.

Q.3 Entrepreneurs are motivated most by the need to:


a) Achieve a goal of greater personal importance. This is the most favorable option because
for an entrepreneur they must set goals which are too important for them to achieve.
Personally they want to establish a business and they would be most motivated by the
notion of achieving their personal targets rather than public attention and controlling
people.
b) Gain public attention and recognition. This is definitely not the right answer because
gaining public acceptance and acknowledgement can never motivate an entrepreneur as
this is an aftermath of the success the entrepreneur gained.

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c) Control wealth and other people. This is also wrong because controlling wealth and
people is never the motive of an entrepreneur but that of a dictator and thus this never
motivates an entrepreneur.

Q.4 Entrepreneurs believe the success or failure of a new venture depends primarily upon:
a) Luck or fate. This option is incorrect because if an entrepreneur is concerned about luck
and fate then that person will think several times before making a decision and this doesnt
help in any way. Entrepreneurs are risk taker and thus luck or fate hardly has any impact
upon them.
b) The support and approval of others. This option is incorrect because people has always
been skeptical of the ones who wants to start their own venture and thus if entrepreneurs
waited for their approval then today there would hardly been any venture.
c) Their own strengths and abilities. This is the best choice because to be an entrepreneur
one has to have sufficient self confidence and self efficacy without which they cant even
take their first steps. It is a must for entrepreneurs that should believe in themselves
otherwise failure in inevitable.

Q.5 If given the chance to earn a substantial reward, which of the following would
entrepreneurs be most likely to do:
a) Roll dice with one in three chance for winning. This is the wrong choice because in the
rolling of a dice there is hardly any control of the entrepreneur on the result as it is based
entirely on luck upon which the entrepreneurs hardly rely.
b) Work on a problem with a one in three chance of solving it in the time given. This is the
optimal solution because in this case the entrepreneur relies on the strengths and abilities of
herself/himself rather relying on fate.

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c) Do neither (a) or (b) because the chances of success are too small. This is incorrect cause
by nature an entrepreneur has to have the sufficient amount of self confidence to complete
a task and moreover they are also risk takers.

Q.6 The entrepreneur is most likely to choose a task:


a) Which involves a moderate level of risk but is still challenging. This is the best option
because entrepreneurs are risk takers and they love to take challenges whenever they face
however they cant be foolhardy and simultaneously they must have the self confidence to
take up on a moderate level of risk.
b) Where the risks are high but the financial rewards are also very great. This is incorrect
as previously stated the entrepreneurs cant be greedy and foolhardy. They should be
sensible before making a decision and as the risk is too high the financial demerits are also
high and thus run the risk of shutting down the venture.
c) Which is relatively easy and risks low. This option is also wrong cause the entrepreneurs
loves challenges and they will not be satisfied by doing something which is less risky and
relatively easy to implement.

Q.7 Profits are important to entrepreneurs because:


a) Profits provide the money which allows them to develop other ideas and take advantage
of other opportunities. This is the best option because an entrepreneur always looks up for
other opportunities and also looks into other innovative ideas that can create a significant
boom. Thus profits provide this opportunity.
b) Profits are an objective measure of how successful they have been. This is incorrect as
they always go for something with which they are satisfied and thus they are not trying to
monitor how successful they are.
c) The main reason they accepted the risks of starting a new business was to accumulate
personal wealth (make a big profit). This is the incorrect choice because as stated
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previously they are not greedy. They started an initiative to have something of their own
and feel good about it rather than making huge amount of profits.

Q.8 Which of the following do entrepreneurs value most highly in their jobs:
a) The importance placed on competence and efficiency. This is not the best choice even
though these are some important criterion to ensure success of the venture but still it is not
the one which entrepreneurs value the most.
b) The freedom to control how they use their time. This is also incorrect because even
though the freedom with which they work is an important factor still this is to a certain
extent quite unimportant as they prefer working 24X7 in times of need.
c) The opportunity to create and do new things. This is the best choice because this is the
major reason why profit is important to entrepreneurs. They like new ideas and most
importantly they love to implement them. Therefore it is of highest value to an
entrepreneur.

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