Page 20 - DMGT310_ENTREPRENEURSHIP_AND_SMALL_BUSINESS_MANAGEMENT

Unit 1: Entrepreneurship: A world of Opportunity

Leadership: The action of leading a group of people or an organization. Notes
Opportunity: A set of circumstances that makes it possible to do something.
Wealth: Wealth is the abundance of valuable resources or material possessions.

1.8 Review Questions

1. Who is an entrepreneur and how is he different from a businessman?

2. Define the term entrepreneurship in your own words.
3. Tabulate the changing definition of entrepreneur and entrepreneurship.
4. Differentiate between entrepreneur and entrepreneurship.

5. Discuss the views of some eminent social scientists on entrepreneur and entrepreneurship.
You can take help from online sources.
6. Discuss the characteristics of entrepreneurs.

7. What is the importance of entrepreneurship for an economy?
8. How will you classify entrepreneurship?
9. Discuss the factors that influence entrepreneurship.
10. How does information gap may create problems for entrepreneurial ventures?

Answers: Self Assessment

1. Function 2. Tendency

3. Far-sightedness 4. Opportunities
5. Society 6. Standards
7. Individual 8. Grooming
9. Risk 10. Change-agent

11. Behaviour 12. Skill
13. Entrepreneur 14. Limited
15. Information

1.9 Further Readings

Books Dynamics of Entrepreneurial Development and Management, Himalaya Publishing.
Madhurima Lall and Shikha Sahai, Entrepreneurship, Excel Books, New Delhi.

N.P. Srinivasan and G.P. Gupta, Entrepreneurial Development, Sultan Chand & Sons.
P. Sarvanavelu, Entrepreneurship Development, Eskapee Publications.
Robert D. Hisrich and Michael P. Peters, Entrepreneurship Development, Tata
McGraw Hill.

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