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Test 1 Notes

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Course Code
Ayesha Khan

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MGM102 Entrepreneurship I1 Define entrepreneurship Entrepreneurship is accepting the challenge of starting and running a business 2 What are the common reasons why people take the challenge of starting a new business a New idea process or product b Independence c Challenge d amily pattern e Profit f Immigrants 3 What does it take to be an entrepreneur a Selfdirected b Determined c Actionoriented d Highly energetic e Tolerant of uncertainty f Able to learn quickly 4 List some advice for potential entrepreneurs a Work for other people first and learn on their money b Research your market but dont take too long to act c Start your business when you have a customer Maybe do it on the side at first d Set specific objectives and reasonable goals e Plan your objectives within specific time frames f Surround yourself with knowledgeable people g Dont be afraid to fail 5 List some reasons for the significant emergence of female entrepreneurs a Financial need b Lack of promotion opportunities c Women returning to the workforce d Family and personal responsibility e Public awareness of women in business f Parttime occupations g Higher rate of success for women 6 What is an entrepreneurial team An entrepreneurial team is a group of experienced people from different areas of business who join together to form a managerial team with the skills needed to develop make and market a new product 7 What are micropreneurs Micropreneurs are entrepreneursthat are willing to accept the risk of starting and managing the type of business that remains small lets them do the kind of work they want to do and offers them a balanced lifestyle 8 List some reasons for the growth of homebased businesses a Computer technology b Corporate downsizing c Change in social attitudes 9 What are the major challenges of running a homebased business a Getting new customers b Managing time c Keeping work and family tasks separate d Abiding by city ordinances e Managing risk 10 What are important criteria for running a homebased business 1 Pick a business that interests you for which you have a talent or expertise for which there is a need and which you can afford to finance 2 Do your market research 3 Complete a business plan 4 Check on and obtain all necessary licences permits and registrations 5 Advertise 11 What are intrapreneurs Intrapreneurs are creative people who work as entrepreneurs within corporations 12 Define incubators Incubators are centres that proved handson management assistance education information technical and vital business support services networking resources financial advice as well as advice to seek financial assistance 13 Describe the characteristics of a business establishment A business establishment has at least One paid employee Annual revenue of 30000 Is incorporated and has filed a federal corporate income tax return at least once in the previous three years14 Describe an employer business
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