Page 36 - DMGT310_ENTREPRENEURSHIP_AND_SMALL_BUSINESS_MANAGEMENT
P. 36

Unit 2: Classifications and Models of Entrepreneurship




          Franchise: It is an arrangement between a franchisor and franchisee through which the franchisee  Notes
          uses the company name of the franchisor and is provided specified business services in exchange
          for a franchise fee.
          Opportunist: A person who exploits circumstances to gain immediate advantage rather than
          being guided by principles or plans.

          Over-capitalization: It is a situation when a company has issued more debt and equity than its
          assets are worth.
          Stereotype: A widely held but fixed and oversimplified image or idea of a particular type of
          person or thing.
          Under-capitalization: It is the situation when a company does not have sufficient capital to
          conduct normal business operations and pay creditors.
          Venture: It is an undertaking that is dangerous, daring, or of uncertain outcome.

          2.6 Review Questions

          1.   Define the basis on which entrepreneurship may be classified.
          2.   What do you mean by the term “pure entrepreneurs”?
          3.   Who is an induced entrepreneur? What are the factors that affect him?
          4.   Differentiate between real managers and real achievers.
          5.   Compare a trading entrepreneur with industrial entrepreneur. Give one example of each.
          6.   Discuss the activities undertaken by an agricultural entrepreneur.

          7.   Classify entrepreneurs on the basis of stages of development.
          8.   Briefly describe drone entrepreneurs.
          9.   Write a brief note on innovative entrepreneur. Give two examples of entrepreneurs with
               good innovations in the industry.
          10.  What do you understand by the term ‘copreneurs’?
          11.  What are the models of entrepreneurship?
          12.  What is the effect of liberalization on entrepreneurship?

          13.  Why marketing is a big challenge for entrepreneurs?
          14.  What is the effect of changing workforce on entrepreneurship?

          Answers: Self Assessment

          1.   Time, resources                  2.   Achievers
          3.   Innovative                       4.   Manufacturing
          5.   Trading, manufacturing           6.   Corporate

          7.   Enabler                          8.   Corporate
          9.   Opportunist                       10.  Strategic
          11.  Indian                           12.  Cost
          13.  Challenge                        14.  Women

          15.  Stress



                                           LOVELY PROFESSIONAL UNIVERSITY                                   31
   31   32   33   34   35   36   37   38   39   40   41