Question

‘Q1-Entrepreneurs are made, not born’-Discuss the statement with examples. Q2-Discuss two idea generation methods with examples....

‘Q1-Entrepreneurs are made, not born’-Discuss the statement with examples.

Q2-Discuss two idea generation methods with examples.

Q3-Explain the concept of Entrepreneur. Distinguish between Entrepreneur and Manager.
Identify the important characteristics of an Entrepreneur.


Homework Answers

Answer #1

Q1)Entrepreneur is a person who organises and operate a business for the purpose of profit making. Entrepreneurs are made with qualities of skill,initiative,and insight of innovation.Economic gain is the ultimate goal of an entrepreneur.So he using his ability to build an organisation for acquiring profit.Entrepreneurs are made not born.

Q2) Idea generation has a lot importance in entrepreneurship.A well idea can smooth the process of entrepreneurship.There are various techniques for idea generation. Brain storming is most useful technique for generation of ideas.Brain storming technique is used for creative problem solving.A group of participants or candidates giving possible ideas about the problem.After evaluation and discussion selecting most appropriate idea.This will help to creative problem solving.Another method is Collaboration of ideas,that is solution of a same problem from different people will be different.Every peoples point of view is different.So,collaboration of ideas from different participants will create a better solution.Idea generation will be easier with these methods.

Q3) An entrepreneur is a person who organize,operate and initiate a business for profit.Certain skills and ability needed for entrepreneurs.Entrepreneur should have an insight of innovation.An entrepreneur enriched with the inborn qualities of adventurism,willingness to face risk,innovative urge and creativity.Characteristics of entrepreneur are the following:

  • Organizing
  • Risk bearing
  • Creative vision
  • Innovation.

Entrepreneur is different from a manager.Because manager is a person who works under an entrepreneur with fixed monthly salary.So,he does not have to bear risk.Manager focus on smooth functioning of the business rather than economic expansion.Company gives salary to manager.Entrepreneur gets profit from the company for his efforts.For a manager,he needs to manage business activities and not to perform activities of an entrepreneur.So for a business,entrepreneur is the top most person.

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