Assignment

Entrepreneurship

Name: Nahom Alemseged

Delivery Date : 07/04/2024 G.C
 ASSIGNMENT
Part 1: Choose the best answer
Read each question carefully and choose the best answer from the given alternatives.
1. Elements (steps in the implementation) of Entrepreneurship includes
A. Observing the environment/identifying gaps,
B. Identifying opportunities,
C. Gathering the necessary resources
D. All
Answer:
D. All Entrepreneurship encompasses all three elements: observing the environment/identifying
gaps, identifying opportunities, and gathering the necessary resources.
2. Employment creation, Local resource utilization Decentralization and diversification of
business etc… Refers to
A elements of Entrepreneurship
B. benefits of entrepreneurship
C. function of entrepreneur
D. All
Answer:
B. benefits of entrepreneurship Employment creation, local resource utilization, decentralization,
and diversification of businesses are all positive outcomes associated with entrepreneurship.
3. Self-actualization /personal fulfillment, Feeling of freedom and independence etc.. Are
A elements of Entrepreneurship
B. function of entrepreneur
C. Rewards for Being an Entrepreneur
D. All
Answer:
C. Rewards for Being an Entrepreneur Self-actualization, personal fulfillment, and a sense of
freedom are all potential rewards for individuals who pursue entrepreneurship.
4. Which of the following is considered as a classification of entrepreneurs?
A. Personal achiever
B. Super-salesperson
C. Real manager
Answer:
A. Personal achiever ”Personal achiever” is one way to classify entrepreneurs based on their
motivations, which can be driven by a desire for personal accomplishment.
5. All___________is a person who plans, organizes, directs and controls the activities
Of an established business
A. Manager
B. Super-salesperson
C. Entrepreneur
D. All
Answer:
A. Manager The description aligns with the traditional role of a manager in an established
organization.
6.is considered to be any entity engaged in an economic activity,
Irrespective of its legal form.
A. Enterprising
B. Personal achiever
C. An enterprise
D. All
Answer:
C. An enterprise An enterprise is any entity engaged in economic activity, regardless of its legal
structure.

Part 2: Short answer questions

Instructions:- Discuss the followings in brief
1.List the five key elements of entrepreneurship

 Five key elements of entrepreneurship:

1. Identifying opportunities
2. Developing a business idea
3. Gathering resources
4. Implementing the business plan
5. Managing the business
2.Define entrepreneur

 Entrepreneur: An individual who identifies and takes advantage of opportunities, creates

businesses, and bears the associated risks.
3.Define entrepreneurship

 Entrepreneurship: The process of creating and developing new businesses or ventures.

4.Describe the role of entrepreneurship an Economy.

 Role of entrepreneurship in an economy:

 Drives innovation and economic growth
 Creates jobs and employment opportunities
 Promotes competition and efficiency
 Contributes to social development and change
5.What is entrepreneurship?

 Entrepreneurship: As defined earlier, it refers to the process of creating and developing

new businesses or ventures.
6.What is a Manager?

 Manager: An individual responsible for planning, organizing, directing, and controlling

the activities of an established business.

7.Who are intrapreneurs ?

  Intrapreneurs: Individuals who exhibit entrepreneurial behavior within an existing
organization, often by developing innovative ideas or products.

8.What are the economic principles of Entrepreneurship?

 Economic principles of entrepreneurship:

 Opportunity cost: Entrepreneurs must consider the trade-offs involved in starting a
business.
 Risk and return: Entrepreneurship is inherently risky, but potentially rewarding.
 Market forces: Entrepreneurs need to understand and respond to market forces, such
as supply and demand.
 Resource allocation: Entrepreneurs must effectively allocate resources to achieve their
goals.