Instructions Read carefully and answer all questions on a se

Instructions: Read carefully and answer all questions on a separate piece of paper. If you have access to a computer and a word processor such as (Word), please give it in print. If you do not have a computer and you must do it by hand, write with a readable letter and with enough space to understand it. You must mention and explain each of the elements that are considered in the question. You should not leave any question blank.

1.What is an entrepreneur?

2.What is the difference between an employee and an entrepreneur?

3.What are the advantages of being an entrepreneur?

4. You have to make an analysis of costs and benefits in psychological terms. (Explain)

5.Is capitalism good or bad? Argue on the subject.

6.Explain what we mean when we say that \"everyone lives to sell something\" An entrepreneur adds value to limited resources

7.What does this statement refer to? Provide an example

8.What is the opportunity cost?

9.What are the three parts of the social innovation process?

10.Explain the different business models (traditional, social & green) and how they differ.

11.According to the Australian economist Joseph Shumpenter there are five (5) sources of opportunity. Which are?

All ideas are opportunities.

12. Is this true or false? and because?

13.The root of an opportunity can arise from (Five possible opportunities). What are they and how do you interpret them?

14. What is the SWOT analysis (SWOT) and what is it used for?

15.What is a business plan and why is it important?

16.According to the SBA organization (Small Business Administration), what are the personal characteristics that you should evaluate?

17.What is a mission and a vision? Provide an example of a mission of a company that you know.

18.What presents the strategic management model?

19.What do you mean by:Offer, Target market and Production and delivery

20.What are the factors that affect the competitive advantage?

Solution

Q1 - What is an entrepreneur?

Answer –

An entrepreneur is a person who establishes his own business.

A person with a focus, strong vision and an innovative idea in mind can start his own venture, keeping in minds all the risks of profit or loss associated with it.

Q2 - What is the difference between an employee and an entrepreneur?

Answer - Difference between an employee and an entrepreneur has been explained below :

Basis

Employees

Entrepreneur

Focus

Employee’s focus is on their own growth and promotion

Entrepreneur’s focus is on the growth of company or business.

Security

Employees always have job insecurities as they can be asked to leave the job by their employers

Entrepreneur always feel secure as it is their own business and no one can ask them to leave it

Working style

They have to work as per the expectation of superiors, there is no freedom of work

They can do whatever they want as they are the decision makers.

Time

They gives fixed hours of time to their job

There are no fixed hours; they have to keep on working as per business requirement.

Compensation

They get compensation for their work in the form of salaries

The get compensation for their work in the form of profits

Q3- What are the advantages of being an entrepreneur

Answer – Various advantages of being an entrepreneur has been discussed below :

Q4-You have to make an analysis of costs and benefits in psychological terms. (Explain)

Answer –

Cost and benefit analysis refers to the process by which behaviour is analysed by comparing the prices and advantages arising out of the actions.

Cost and benefit is analysed to know that whether the cost associated with the action is less or more than the benefits arising out of it in order to know the financial feasibility of the project.

Various steps involved in cost and benefit analysis are :

Enlisting all the actions – There is need to enlist all the actions that has to be taken.

Determine prices – Then there is need to determine the prices associated with each action that has to be taken up.

Determine advantages – Then all the benefits arising out of it has to be noted down. It should include all the monetary and non monetary benefits.

Comparing the both – Next is to compare both cost and benefits determined in order to know whether such action has to be done or not. If benefits are more than the cost then only one should go ahead with it otherwise corrective measures has to be taken up to know the discrepancies and reduce the costs.

Note - As per our policy we can answer once only 4 questions , please post rest of the questions again. Thanks

Basis	Employees	Entrepreneur
Focus	Employee’s focus is on their own growth and promotion	Entrepreneur’s focus is on the growth of company or business.
Security	Employees always have job insecurities as they can be asked to leave the job by their employers	Entrepreneur always feel secure as it is their own business and no one can ask them to leave it
Working style	They have to work as per the expectation of superiors, there is no freedom of work	They can do whatever they want as they are the decision makers.
Time	They gives fixed hours of time to their job	There are no fixed hours; they have to keep on working as per business requirement.
Compensation	They get compensation for their work in the form of salaries	The get compensation for their work in the form of profits