3rd Monthly Exam

• development of managerial capabilities this means that one of the benefits and entrepreneur gets is to develop his managerial skills
• creation of organizations which means that because of entrepreneurships many organization will exist
• improving standard of living this means that entrepreneurship can lift up the economic status of an individual
• means of economic development this means that not only the life of the entrepreneur is improved but also the society where the business is located
• the word entrepreneur was derived from the french verb enterprendre which means to undertake
• entrepreneurship entrepreneurs are innovators willing to take risk to generate new ideas
• initiate doing things even before being told
• proactive classify opportunities and seize it
• problem solver retain good relations with other people
• perseverance he will pursue things to get done regardless of challenges
• persuasion he can entice people to buy even if they don't
• a planner a plan before doing things and doing things and do not fail to monitor it
• risk taker willing to gamble but he will calculate it first
• environmental factors political climate legal system economic and social conditions and market situations
• decisive must be firm in making decisions
• communicator entrepreneur must have a convincing power
• leader that charisma to be obeyed by his employees
• opportunity seeker an entrepreneur must have the ability to be first to see business chances
• proactive preparing for possible future problems
• risk taker courage to pursue their business ideas
• innovative they do not stop improving
• economic and dynamic activity economic activity that involves creation and operation of an enterprise few to creating value or wealth
• innovative new ideas needs to be creative
• profit potential meaning the entrepreneur can be compensated by his profit
• risk bearing meaning the entrepreneur needs to gamble but wise enough to offset the risk
• innovative entrepreneur those who always make new things by thinking of new ideas
• imitating entrepreneur those who don't create new things but only follow the ideas of other entrepreneurs
• fabian entrepreneurs those who are skeptical they don't initiate but follow only after their satisfied
• drone entrepreneur this those who lives on the labor of others they are die hard conservatives even ready to suffer the loss of business
• social entrepreneur those who initiate changes in the various fields such as education health human rights environment and enterprise development
• entrepreneurial mind flame this allows the entrepreneur to see things in a very positive and optimistic way in the midst of difficult situation
• entrepreneurial heart flame entrepreneurs driven passion they are attracted to discover satisfaction in the act and process of discovery
• entrepreneurial gut game this refers to the ability of the entrepreneur of being initiative
• changes in the environment entrepreneurial ideas arise when changes happen in the external environment a person with an entrepreneurial drive view this changes positively
• external environment refers to the physical societal and industry environment with the business operates
• climate weather conditions
• natural resources such as minerals forest water and fertile land that occur in nature can be used for economic gain
• wildlife includes all mammals birds reptiles fish etc that live in the wild
• political forces includes all the laws rules and regulations that govern business practices as well as the permits approvals and licenses
• economic forces such as income level and employment