(1)Differentiate between Entrepreneur and Entrepreneurship.

* Entrepreneurship is a start-up company offering a product, process or service.

*Otherwise capacity and willingness to develop, organize and manage a business
venture along with any of its risks in order to make a profit
*The entrepreneur is "a person who organizes and manages any enterprise,
especially a business, usually with considerable initiative and risk.“
*The entrepreneur is commonly seen as a business leader and innovator of new
ideas and business processes. Entrepreneurs perceive new business opportunities
and they often exhibit positive biases in their perception (i.e., a bias towards finding
new possibilities and unmet market needs) and a pro-risk-taking attitude.

(2)What are the entrepreneurial actions?

*ENTREPRENEURIAL ACTIONS
1. Developing a business plan
2. Hiring the human resources
3. Acquiring financial and other required resources
4. Providing leadership
5. Being responsible for the venture's success or failure.
*ENTREPRENEURSHIP ECOSYSTEM
Advice and mentoring by
1. Government programs and services
2. Non-government business associations or organizations to promote and support
entrepreneurs.

(3)Describe the types Entrepreneur and their influence on country economy.

THREE CATEGORIES OF AN ENTREPRENEUR
1. Classic entrepreneur —person who identifies a business opportunity and
allocates available resources to tap that market.
2. Intrapreneur—entrepreneurially oriented person who develops innovations
within the context of a large organization.
3. Change agent —manager who tries to revitalize an established firm to keep it
competitive.
INFLUENCE OF ENTREPRENEUR ON THE ECONOMY OF A COUNTRY
1. CREATING MAJOR INVENTIONS AND INNOVATIONS
a. Create new products
b. Build new industries
c. Bring new life to old industries
2. CREATING NEW JOBS
a. Vital source of new jobs
b. Typically hire small numbers of employees per firm . . . spread over many
companies
c. See potential employees where established firms overlook them
3. PROVIDING OPPORTUNITIES FOR WOMEN AND MINORITIES
a. Entrepreneurship offers excellent economic opportunities for women and
minorities

(4)Describe the characteristics of an entrepreneur in detail.

CHARACTERISITICS OF AN ENTREPRENEUR
1. VISION: Have an overall idea for how to make a business inspiration a success
2. HIGH ENERGY LEVEL: Willingly work hard to realize their visions
3. NEED TO ACHIEVE: Need to work hard because they want to excel
4. SELF-CONFIDENCE AND OPTIMISM: Believe in ability to succeed, and they instil
their optimism in others
5. TOLERANCE FOR FAILURE:
A) entrepreneurs view setbacks and failures as learning experiences.
B) not easily discouraged or disappointed when things don’t go as planned
6. CREATIVITY:
A) entrepreneurs typically conceive new ideas for goods and services.
B) devise innovative ways to overcome difficult problems and situations
7. TOLERANCE FOR AMBIGUITY:
Take the uncertainties associated with launching a venture in stride
8. INTERNAL LOCUS OF CONTROL:
A) Believe that they control their own fates.
B) Take personal responsibility for the success or failure of their actions rather than
believing in luck or fate

(5)Explain the concept of entrepreneurship in detail

*In recent years, "entrepreneurship" has been extended from its origins in for-profit
businesses to include social entrepreneurship and the concept of the political
entrepreneur.
Entrepreneurship within an existing firm or large organization has been referred to
as intrapreneurship and may include corporate ventures where large entities spin
off subsidiary organizations.
*Entrepreneurship ranges in scale from solo, part-time projects to large-scale
undertakings that create many jobs. Many "high value" entrepreneurial ventures
seek venture capital or angel funding in order to raise capital for building the
business. Entrepreneur, is a loanword from French. entrepreneurial ventures offer
an innovative product, process or service, and the Entrepreneur typically aims to
scale up the company by adding employees, seeking international sales, and so on.

(6)Discuss the types of Enterprises in detail.

Three Types of Enterprises
*MANUFACTURING FIRMS produce a wide range of products. Large manufacturers
include producers of airplanes, cars, computers, and furniture. Many manufacturing
firms construct only parts rather than complete, finished products. These suppliers
are usually smaller manufacturing firms, which supply parts and components to
larger firms.
*MERCHANDISERS are businesses that help move goods through a channel of
distribution—that is, the route goods take in reaching the consumer. Merchandisers
may be involved in wholesaling or retailing, or sometimes both. A wholesaler is a
merchandiser who purchases goods and then sells them to buyers, typically
retailers, for the purpose of resale. A retailer is a merchandiser who sells goods to
consumers.
*SERVICE ENTERPRISES include many kinds of businesses. Examples include
dry cleaners, shoe repair stores, barbershops, restaurants, ski resorts, hospitals, and
hotels. In many cases service enterprises are moderately small because they do not
have mechanized services and limit service to only as many individuals as they can
accommodate at one time.

7 Differentiate between Elitist View and Developmental View of

creativity.
Entrepreneur an individual creativity and innovation
*The Importance of Creativity
All business sectors seek novelty
o Consumer products
o Media
o Fashion
o Travel
* Views of Creativity
The Elitist View
1. Getting New & Valuable Ideas
2. A Rare Talent
3. Creating Great Works of Art or Scientific Discoveries
4. Unable to be Taught
5. Not Relevant in My Job/ Organisation
6. A Lonely Individual Process
*The Developmental View
1. Available to Everyone
2. Evident in Personal & Modest Insights
3. Released Through Training & Development of Personal Potential
4. Within the Scope of All Jobs
5. Encouraged or Discouraged Within Groups According to their Climate
6. Escape from ‘Personal Stuckness’ & Reveals Itself in Results Which are Original &
Potentially Valuable
*The Reality of our Views
• Creativity Is Not Exclusively for ‘Elite’ People
• It Can be Developed in All Persons
• Creativity is a Personal Problemsolving Process of a Non-routine Kind
• It Can be Learned, Practiced & Successfully Applied by all – in Every Walk of Life
*INNOVATION
• According to the New Oxford Dictionary (2004, p. 942), innovation means
to be able to: “Make changes in something established, especially by introducing new
methods, ideas, or products”.
• According to the UK government, “innovation is the process by which new ideas
are successfully exploited to create economic, social and environmental value” (BIS
2014, p.7).

(8)Briefly explain the disruptive and sustaining innovation

*DISRUPTIVE AND SUSTAINING INNOVATION
• The former, disruptive innovations involve a new value proposition by which new
markets are created.
• In such instances, individuals or business organisations seize upon basic inventions
and transform them into economic innovations, thereby disequilibrating and
altering the existing market structure.
*The latter, sustaining innovations are best thought of as improvements to existing
products, processes or markets.
*“Innovation by definition must be successful in the market. “The test of innovation,
after all, lies not in its novelty, its scientific content, or its cleverness. It lies in its
success in the marketplace.” Drucker (1993)
*“Innovation is the process by which new ideas are successfully exploited to create
economic, social and environmental value.”
(BIS, 2014)