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Two-minute revision sheet
Use each mnemonic to recall the headings, then open the topic for exam keywords and explanations.
| Topic | Mnemonic | What it stands for |
|---|---|---|
| 1. Types of Entrepreneurs (C. Danhof’s Classification) | FIDI | Fabian Entrepreneurs; Imitative Entrepreneur; Drone Entrepreneurs; Innovative Entrepreneur |
| 2. Types of Business | CAB IT | Corporate Entrepreneur; Agricultural Entrepreneur; Business Entrepreneur; Industrial Entrepreneur; Trading Entrepreneur |
| 3. Use of Technology | TN | Technical Entrepreneur; Non-technical Entrepreneur |
| 4. Professional Entrepreneurs | PRO | Professional Entrepreneurs |
| 5. Motivation (Based on Motivating Factors) | SIM | Spontaneous Entrepreneurs; Induced Entrepreneurs; Motivated Entrepreneurs |
| 6. Other Categories of Entrepreneurs | FIT | First-Generation Entrepreneurs; Inherited / Second Generation Entrepreneurs; Third Generation Entrepreneurs |
| 7. Competencies of an Entrepreneur | CRISP LIP PEEQ | Creativity and Innovation; Risk Taking and Risk Management; Initiative; Systematic Planning; Problem Solving; Leadership; Information Seeking; Persistence; Persuasion and Influencing Others; Enterprise Launching Competencies; Enterprise Management Competencies; Quality Performance |
| 8. Ethical Standards (Examples) | PEP NJ | Providing quality and correct quantity; Environmental issues; Paying minimum and correct wages; Not to use child labour; Judicious use of natural resources |
| 9. Entrepreneurial Values (Core Values) | IIRQ | Innovation and creativity; Independence or ownership; Respect for work; Quest for outstanding performance |
| 10. Features of Attitude | PAIA | Pervasive; Affects behaviour; Invisible; Acquired |
| 11. Sources of Attitudes | DIG | Direct personal experience; Influential Others; Group Associations |
| 12. Essential Attitudes of an Entrepreneur | F FACT PD CREW B | Flexible; Fear of failure; Asset; Criticism; Trustworthiness; Passion; Decisions; Comfort zone; Rebound; Ego; Work ethic; Believe |
| 13. Maslow’s Hierarchy of Needs | PS BES | Physiological needs; Safety needs; Belongingness and love needs; Esteem needs; Self-actualisation |
| 14. McClelland’s Theory of Needs | AAP | Achievement; Affiliation; Power |
Types and classifications
Types of entrepreneurs
1. Types of Entrepreneurs (C. Danhof’s Classification)
FIDI
| Letter | Meaning | Exam keywords |
|---|---|---|
| F | Fabian Entrepreneurs | shy and lazy, cautious, do not venture/take risks, rigid, second generation |
| I | Imitative Entrepreneur | copy or adopt suitable innovations, adaptive, flexible, organisers, underdeveloped economies |
| D | Drone Entrepreneurs | refuse to copy/use opportunities, conventional, resist changes, suffer losses, laggards |
| I | Innovative Entrepreneur | early phases, initiative, introduces new products/methods, discovers new market, aggressive |
2. Types of Business
CAB IT
| Letter | Meaning | Exam keywords |
|---|---|---|
| C | Corporate Entrepreneur | innovative ideas and skill, organise, manage and control corporate undertaking, promoters |
| A | Agricultural Entrepreneur | agricultural and allied activities, raising and marketing of crops, employment of modern techniques |
| B | Business Entrepreneur | idea for new product/service, establish enterprise, materialise idea, small trading and manufacturing |
| I | Industrial Entrepreneur | manufacture products and offer services, effective demand, convert economic resources and technology |
| T | Trading Entrepreneur | trading activities, identify potential market, stimulate demand, demonstration |
3. Use of Technology
TN
| Letter | Meaning | Exam keywords |
|---|---|---|
| T | Technical Entrepreneur | technical by nature, developing new and improved quality, knowledge/skill/specialisation, craftsmen |
| N | Non-technical Entrepreneur | alternative marketing and distribution strategies, promote business, not concerned with technical aspects |
4. Professional Entrepreneurs
PRO
| Letter | Meaning | Exam keywords |
|---|---|---|
| P | Professional Entrepreneurs | establish business enterprises to sell them, develop alternative projects, selling running business, not interested in managing operations, dynamic |
5. Motivation (Based on Motivating Factors)
SIM
| Letter | Meaning | Exam keywords |
|---|---|---|
| S | Spontaneous Entrepreneurs | pure entrepreneurs, desire for self-fulfilment, personal satisfaction, natural entrepreneurs, no external motivation |
| I | Induced Entrepreneurs | governmental supports, financial assistance/incentives, special circumstance, forced |
| M | Motivated Entrepreneurs | technical and professional expertise, highly ambitious, making and marketing new products, reward in terms of profit |
6. Other Categories of Entrepreneurs
FIT
| Letter | Meaning | Exam keywords |
|---|---|---|
| F | First-Generation Entrepreneurs | own innovative skill and expertise, combine different technologies, no entrepreneurial background |
| I | Inherited / Second Generation Entrepreneurs | inherit family business through succession, pass from one generation to another |
| T | Third Generation Entrepreneurs | grandparents and parents have been entrepreneurs, inherited the business |
Skills and conduct
Competencies, ethics, and values
7. Competencies of an Entrepreneur
CRISP LIP PEEQ
| Letter | Meaning | Exam keywords |
|---|---|---|
| C | Creativity and Innovation | basic traits, meet challenges, take advantage of utility |
| R | Risk Taking and Risk Management | areas of uncertainty, potential challenge, calculated risks |
| I | Initiative | fundamental competencies, keen observer, speed |
| S | Systematic Planning | limited resources, develop a detailed blueprint |
| P | Problem Solving | more than one way, alternative strategies, generate new ideas |
| L | Leadership | guide and motivate entire team, effective business acumen |
| I | Information Seeking | personally conducting research, decides success and failure |
| P | Persistence | intense perseverance, roadblocks should not deter |
| P | Persuasion and Influencing Others | influence environment, mobilizing resources, highlighting strong points |
| E | Enterprise Launching Competencies | identify and avail facilities and resources needed to launch |
| E | Enterprise Management Competencies | demands management abilities, production/marketing/finance |
| Q | Quality Performance | outstanding performance, standards, comparing quality |
8. Ethical Standards (Examples)
PEP NJ
| Letter | Meaning | Exam keywords |
|---|---|---|
| P | Providing quality and correct quantity | goods to consumers |
| E | Environmental issues | keep in mind during production |
| P | Paying minimum and correct wages | to the workers |
| N | Not to use child labour | in their production |
| J | Judicious use of natural resources | natural resources |
9. Entrepreneurial Values (Core Values)
IIRQ
| Letter | Meaning | Exam keywords |
|---|---|---|
| I | Innovation and creativity | creative ideas, solve specific problems, experimenting, facing uncertainty |
| I | Independence or ownership (self-reliance) | positive ego drive, ‘mission’ concept, clear vision, commitment |
| R | Respect for work | achieve anything through hard work, goal direction, rewards and incentives linked to efforts |
| Q | Quest for outstanding performance | excellence, over comer, resolve problems under pressure, persistent |
Features and sources
Attitudes
10. Features of Attitude
PAIA
| Letter | Meaning | Exam keywords |
|---|---|---|
| P | Pervasive | formed in socialisation, relate to anything |
| A | Affects behaviour | consistency, intended behaviour |
| I | Invisible | psychological phenomenon, indirectly observed |
| A | Acquired | learnt over a period of time, family members impact |
11. Sources of Attitudes
DIG
| Letter | Meaning | Exam keywords |
|---|---|---|
| D | Direct personal experience | quality of direct experience |
| I | Influential Others | personal contact, respected friends/experts, opinion leaders |
| G | Group Associations | influenced by other members, family, work, peer groups |
12. Essential Attitudes of an Entrepreneur
F FACT PD CREW B
| Letter | Meaning | Exam keywords |
|---|---|---|
| F | Flexible (Be flexible, except with core values) | plans change, do not compromise core values |
| F | Fear of failure (Don’t let it hold you back) | opportunity to learn |
| A | Asset (The major company asset is oneself) | health is valuable, balance and energy |
| C | Criticism (Encourage and accept graciously) | honest opinions, state it once |
| T | Trustworthiness (Set an example of) | culture of integrity, confidence |
| P | Passion (Have passion for the business) | work should be fun, renew passion |
| D | Decisions (Make timely decisions) | intuition, avoid procrastination |
| C | Comfort zone (Periodically getting out of) | uncomfortable implementing change, grow personally |
| R | Rebound (quickly from setbacks) | learn from setbacks, move on |
| E | Ego (Keep under control) | build a war chest, hear out new ideas |
| W | Work ethic (Maintain a strong) | beat competition, outworking them |
| B | Believe (in oneself) | confidence is contagious |
Maslow and McClelland
Motivation theories
13. Maslow’s Hierarchy of Needs
PS BES
| Letter | Meaning | Exam keywords |
|---|---|---|
| P | Physiological needs | food, water, warmth, lowest-level, driving force |
| S | Safety needs | shelter, security, stability, employment security |
| B | Belongingness and love needs | intimate relationships, friends, interact with co-workers |
| E | Esteem needs | prestige, accomplishment, self-respect, reputation, status |
| S | Self-actualisation | achieving full potential, continuous self-development |
14. McClelland’s Theory of Needs
AAP
| Letter | Meaning | Exam keywords |
|---|---|---|
| A | Achievement | master complex tasks, set goals, concrete timely feedback |
| A | Affiliation | desire to belong, teamwork, interpersonal relationships |
| P | Power | control and influence others, win arguments, have an impact |
Quick recall
Say each answer aloud or write it down before revealing it.
What does FIDI stand for?
Fabian, Imitative, Drone and Innovative entrepreneurs.
What are the three sources of attitudes in DIG?
Direct personal experience, influential others and group associations.
What needs does AAP describe?
Achievement, affiliation and power.