MGT401 (Entrepreneurship)

Quiz-01
1. 2. 3. 4. 5.

(Each question 20 marks)

Define Entrepreneurship? Write down four characteristics of an entrepreneur? Define Intrepreneurship? What do you mean by entrepreneurial intensity? What is opportunity Analysis? What are the four steps of opportunity analysis? Write down 3 myths about Entrepreneurs? What is the entrepreneurial process? What is the difference between opportunity and idea? What are 4 main characteristics of a good opportunity?

Question-1: Define Entrepreneurship? Write down four characteristics of an entrepreneur?

Entrepreneurship: Entrepreneurship is the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, physic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence. Venture Capitalist (Fred Wilson): Entrepreneurship is the art of turning an idea into a business. Four characteristics of an entrepreneur: 1. Passion for the Business. 2. Product/Customer Focus. 3. Tenacity Despite Failure. 4. Execution Intelligence.

Question-2: Define Intrepreneurship? What do you mean by entrepreneurial intensity?

Intrepreneurship: Intrepreneurship is practice of Entrepreneurship. Entrepreneurial intensity:

Question-3: What is opportunity Analysis? What are the four steps of opportunity analysis?
Opportunity Analysis: Opportunity analysis is the process of accessing opportunity.

The four steps of opportunity analysis are:

1. 2. 3. 4. Analysis of product. Analysis of market. Analysis of entrepreneurial. Analysis of finance.

Question-4: Write down 3/Common myths about Entrepreneurs? What is the entrepreneurial process? 3/Common myths about Entrepreneurs:
1. Entrepreneurs are born not made. 2. Entrepreneurs are gamblers. 3. Entrepreneurs are motivated primarily by money.

4. Entrepreneurs should be young and Energetic.

The entrepreneurial process: The entrepreneurial process consists of four steps Step 1: Deciding to become an entrepreneur. Step 2: Developing successful business ideas. Step 3: Moving from an idea to an entrepreneurial firm. Step 4: Managing and growing the entrepreneurial firm.

Question-5:
What is the difference between opportunity and idea? What are 4 main characteristics of a good opportunity?

The difference between opportunity and idea

Opportunity: An opportunity is a favorable Idea: Utilization of opportunity by doing set of circumstance that creates a need for a something new. new product, service or business.
4 main characteristics of a good opportunity/ an opportunity have four essential qualities: 1. 2. 3. 4. Attractive Timely Durable Adds value for its buyer or end user.