GST204

1. A business _________ involves sale or lease of any product, service, equipment, etc. that will enable the purchaser-licensee to begin a business

2. The functionality of an entrepreneur is based on some established _______

3. Idea generation (ideation) is an emerging buzzword representing the creative process of generating, developing, and communicating new _________

4. The psychologist sees an Entrepreneur as someone who is being driven by certain forces that are mainly internal, personal attributes and _______

5. The economic theory of entrepreneurship is sub-divided into three namely; Classical theory, __________ and Austrian Market Process

6. _______ theory of entrepreneurship identifies traits, motives and personalities as the major factors that infuse the entrepreneurial spirit in an individual

7. Opportunity exploitation refers to activities conducted in order to gain economic returns from the discovery of a potential entrepreneurial ______

 An entrepreneur must have good human _____________

9. It is the responsibility of  ________ to assess the external environment of the business by critically looking at the opportunities and threats emanating from changes in the major external environmental factors

10. Illumination occurs when the idea surfaces as a realistic ________

11. Risk Taking theory contends about one‘s willingness to accept ____.

12. ______ are individuals who identify public problems and apply business acumen to resolve them.

13. The term Entrepreneur seems to have been introduced into Economics by ______

14. Individuals with an internal locus of control believe that they are able to life events

15. The psychologist view sees an entrepreneur as someone who is being driven by certain forces that are mainly internal, personal attributes and ________

16. ________ conceives the entrepreneur as the innovator who implements change within markets through the carrying out of new combinations such as introduction of new techniques of production, reorganization of an industry and innovation.

17. _________ is the process of having a good idea of the resources that will be required to turn your idea into an opportunity.

18. The entrepreneur needs to evaluate the strengths and weaknesses of the business __________

19. Passion and Motivation, Not Afraid to Take Risks, Self-belief, Hard Work and Disciplined Dedication, Adaptable and Flexible, Product and Market Knowledge, Strong Money Management, Effective Planning (Not Over-Planning) Skills, The Right Connections are the main characteristics of an ___________

20. what helps in generating a large number of product ideas is __________

21. Entrepreneurial culture can be rooted in a society through 4 main avenues. According to ________

22. The entrepreneur may not necessarily be an 'inventor' but the one that can make a _____________

23. There are given situations where an Entrepreneur is not able to establish his or her own business and as such has to work in an

24. Brainstorming. It helps in generating a large number of product _______

25. For most entrepreneurs, ideas begin with interest in a subject or curiosity about finding a solution to a particular _______

26. Socio economic value builds on the foundation of economic value creation by attempting to quantify and incorporate certain elements of _______

27. The mix of norms, values and beliefs that are shared by a particular community be it a business community, a cultural (or ethnic) community, a country, or a geographical region defined as _________

28. A manager Scientist or researcher who works inside an existing organization and notices opportunities for product improvements etc is ______

29. A _______ business may be defined as any business in which two or more family members are involved and the majority of ownership or control lies within a family.

30. According to David Mc Clelland (1961), an entrepreneur is a dynamic person who takes calculated  ___________________

31. A business owned, financed and managed by an individual is identified as _______

32. Entrepreneur and Entrepreneurship have been a point of interest to economics as early as ____________

33. The business environment is made up of the internal and the external environment and the main macro-environmental forces/factors found in the external environment and micro-environmental forces/factors/ in the internal environment of the _______

34. Which type of innovation is the reconfiguration of an established system to link together components and parts in a new way

35. _________trait is defined as stable qualities that a person shows in most situations

36. Which phase is the starting point for new ideas?

37. An idea once illuminated in the mind of an individual still has little meaning until verified as realistic and _______

38. The value created by taking a resource or set of inputs, providing additional inputs or processes that increase the value of those inputs, and thereby generate a product or service that has greater market value at the next level of the value chain is referred to as _________

39. Starting /creating a new business is a serious exercise that requires a lot of __________ and hard work

40. Business idea arises from an opportunity in the _________

41. Successful entrepreneurs are good at turning ideas into ____

42. _________  as an entrepreneur is someone who is being driven by certain forces that are mainly internal, personal attributes and traits

43. A technological process is a means to make and improve products and ________

44. The __________ theory of entrepreneurship embraces social culture as a driving force of entrepreneurship

45. Individual with an external locus of control believe that life's _______ are the result of external factors, such as chance, luck or fate.

46. The ___________ theory of entrepreneurship considers the relationship between economic conditions and incentives to arrive at a risk-reward equation that informs a determination on whether or not to pursue a potential venture

47. Difficulties Faced in Establishing an Entrepreneurial Culture include the followings except _________

48. An entrepreneur must have the competence and proficiency in the knowledge of the _________

49. Entrepreneurship is inhibited by the social system, which denies opportunities for creative facilities for __________

50. Scanning the environment is better and safer method of assessing than jumping Into the_______