1. Idesitification: Answer what is being asked. Choose your answers on the box provided
Economy
Relevance
Socioeconomic
Livelihood
Entrepreneur
Business Venture
Social Change
Competence
Business Innovation
Business Opportunity
Entrepreneurship
Core Competence
Common Competence
Entrepreneurial Competence Personal Competence
Interpersonal
Core competence
1. It guides brand reputation, business growth, and marketing strategies. Also, it is the foundation
for sharpening a company's competitive edge.
2. The knowledge, skills, and abilities found in most or all position.
3. It is the combination of knowledge, skills, attitudes, and motives.
4. It is the sum total of the personality, skills and knowledge that the entrepreneur possesses.
5. The abilities to ground yourself so that you are secure and self-assured in whatever situation.
6. The ability to lead, influence, communicate, supervise, negotiate, and control at all levels.
7. It means important to the matter at hand.
8. It is usually formed out of a need for a service or a product that is lacking in the market.
9. Related to the differences between groups of people caused mainly by their financial situation.
10. It involves developing new products or improving existing technologies, processes, designs and
marketing to solve problems, increase efficiency, reach new customers, and ultimately increase profits.
11. It involves sale or lease of any product, service, equipment that will enable the purchaser-
license to begin a business.
12. It refers to the act of creating a business while building and scaling it to generate a profit.
13. It refers to any significant alteration over time in behavior patterns and cultural values.
14. It is a person who sets up a business with the aim to make a profit.
15. The overall measure of a currency system; as the national economy.
Answers
Answer:
1
Entrepreneurial Skills
Introduction
Entrepreneurship remains a new concept in terms of how it can be developed, what is needed
to practice entrepreneurship, how it can be beneficial for an individual etc. It is important to
understand what defines an entrepreneur. While some qualities and skills are observed in
successful entrepreneurs, an entrepreneur has to perform certain functions to form an
enterprise. There are pros and cons involved with choosing the entrepreneurial path. There
are many myths and fears that deter people from taking the entrepreneurial journey. In this
chapter, we will look at how entrepreneurship impacts society and has the potential to bring a
difference in the mindset and skill set of an individual.
Entrepreneurship and Society
While the concept of entrepreneurship has a fairly wide meaning, it is simply described as
starting a business using the resources available to a person. An entrepreneur combines
factors in a creative manner in order to generate value for customers and create wealth.
Society is described as an aggregate of people living together in a community, who associate
for various engagements including business. The definitions of the two concepts shows
clearly that there is a direct relationship between the two.
The beauty of entrepreneurship in a society is that as businesses prosper the impact the
businesses create also increases. It is due to entrepreneurial activity that the society is
provided with goods and services. In turn, society provides market for products and services
provided by the entrepreneur.
Entrepreneurship has some positive impact on society such as:
Accentuates economic Growth
Fosters Creativity
Stimulates Innovation and Efficiency
Creates Jobs and Employment Opportunities
Solves the problems of the society
Encourages welfare of the society
Society plays a role in boosting entrepreneurship by:
Creates needs and demands
Provides raw materials
Enables financial support
Creates a need for education
Catalyses policy formation and reform
Facilitates networking
Supports infrastructure development
Explanation:
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