Entrepreneurship Mid Exam – Bule Hora University

Instruction I. Write ‘True’ If the statement Is correct and False’ If the statement is Incorrect

1. An opportunity may not be considered as a favorable set of circumstance that creates a need for a new product, service or business

2. People Management Skills are required to organize the physical and financial resources needed to run the entrepreneurial venture

3. Self-confidence is the state of being certain that a chosen course of action is best or most effective in the given circumstance

4. Innovation is a tendency to generate ideas, alternatives, or possibilities that may  be useful in solving problems, communicating with others, and entertaining ourselves and others

5. Entrepreneurs help to enhance regional disparities in economic development

INSTRUCTION II. choose the correct answer from the given alternative

1. Which one of the following is correct about entrepreneur in 17th century?

A.  A person who signed contractual agreement with government to produce Product or services
B.  Entrepreneur is risk taker
C. Entrepreneur organizes and operates an enterprise for personal gain
D. All

2. Suppose mr gelgelo and udessa formed and owned jeza furniture enterprise with unlimited liability, which form of business jeza has

A. Proprietorship
B. Partnership
C. Corporation
D. share company

3. Among the following statements one is incorrect about small business owners

A. Small businesses are a growth-oriented innovative company which offers product/service
B. Small businesses could be entrepreneurial ventures
C. Small businesses produce known product and service
D. Most of small businesses have incremental growth

4. Among opportunity identification steps which one is the process of seeking out better ways of competing?

A. Opportunity evaluation
B. Getting idea
C. Opportunity development
D. All

5. Among people management skills which skill is help to inspire people to work in a specific way and to undertake the tasks that are necessary for the success of the venture?

A. Motivation skill
B. Delegation skill
C. Negotiation skill
D. Leadership skill

6. ____ is the blueprint of the step-by-step procedure that would be followed to convert a business idea into a successful business venture

A. Business formation
B. Business plan
C. Business license
D. Patient

7. Which one of the following is true about supporting packages for MSE’s development in Ethiopia?

A. Awareness creation about the sector provision of legal service
B. Financial report based on personal saving
C. Providing technical and business management training
D. All of the above

8. Among the following one is not critical element in the entrepreneurship process

A. The ability to perceive opportunity
B. Acceptance of risk
C. The ability commercializes opportunity
D. None.

9. Which one of the following refers the ability to consider what the future might offer, how it will impact on the business and what needs to be done to prepare for it now?

A. Strategic skill
B. Planning skill
C. Marketing skill
D. Project management

10. Entrepreneurial quality that reveals an entrepreneur always makes concerted efforts towards successful completion of goal is ____

A. Opportunity seeking
B. Information seeking
C. perseverance
D. project management

Instruction III. Briefly explain the following questions

1. Entrepreneurship is affected by and affects the environment. Briefly explain the relationship between entrepreneurship and its environment

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