ENTREPRENEURSHIP

BACHELOR (ELECTRICAL AND MECHANICAL)

REVIEW QUESTIONS

1. There is no agreed definition of entrepreneurship yet. Define entrepreneurship and entrepreneur

Entrepreneurship is defined as the application of enterprise skills specifically to creating and growing
organizations in order to identify and build on opportunities.
or
Entrepreneurship is defined as an activity that involves the discovery, evaluation and exploitation of
opportunities to introduce new goods and services, ways of organizing, markets, processes and raw
materials through organizing efforts that previously had not existed

, an entrepreneur is one who innovates, raises money, assembles inputs, chooses managers and sets
the organization going with his ability to identify them

2. basing on three different views and as defined by different backgrounds.

3. What does it mean by enterprising?
Enterprise is defined here as the application of creative ideas and innovations to practical situations.

4. Distinguish between entrepreneur and intrapreneur.

Intrapreneurship also known as corporate entrepreneurship and corporate venturing is the practice
of developing a new venture within an existing organization, to exploit a new opportunity and create
economic value. It is entrepreneurship within an existing organization
. Intrapreneurs are proactive individuals with a strong desire for action. They are ‘self-starters’ who
do not have to be asked to take an initiative.
5. Describe the common characteristics of entrepreneurs.

6. Explain the fact that being an entrepreneur is about more than just starting a business or two; it is
about having attitude and the drive to succeed in business.
7. Disentangle this query, “are all entrepreneurs business operators, or are all business operators
entrepreneurs”?
8. Mark Cuban, Owner of Dallas Mavericks (Dallas Mavericks are a professional basketball team based
in Dallas, Texas), an entrepreneur once said, “When you have 10,000 people trying to do the same
thing, why would you want to be number 10,001?” Describe the relevance of his point in Tanzania
small business sector.
9. Identification of new opportunities is the key task of entrepreneurs. New opportunities exist all the
time, but they do not necessarily present themselves or suddenly appear, but rather result from an
entrepreneur’s alertness to possibilities. Thomas Edson, an inventor said, “Opportunity is missed by
most people because it comes dressed in overalls and looks like hard work”. Explain what he means
in this statement. (Thomas Alva Edison was an American inventor and businessman. He developed
many devices that greatly influenced life around the world, including the phonograph, the motion
picture camera, and a long-lasting, practical electric light bulb).
10. Using illustration given in question 8, what kind of skills this person was having?
11. Thomas Alva Edison invented and developed many devices that greatly influenced life around the
world including a practical electric light bulb. Using your knowledge on entrepreneurship explain if
this person deserves to be called entrepreneur. what are the possible skills this person had to
12. Using your points in question 10, is it possible to have entrepreneurs in trade business? Explain how
your answer fits the shop owners at Mwanjelwa/SIDO market.
13. After graduation you decide to start a repair / maintenance workshop in electrical / automobile
engineering for self employment. You manage to secure fund for all necessary requirements for
business to take off. Illustrate all important skills for successfully running this business.
14. What makes an entrepreneur? Explain.
15. Explain how the family plays an important role in developing the child’s personality necessary for
turning into an entrepreneur later in life.
16. Describe the difference between persons who take up jobs and those who establish new business
with respect to established institutions and organizations.
17. What are the roles of entrepreneurship to economic development?
18. Illustrate important factors that makes business environment.