Questions and Answers
According to J.B. Say, what is the distinction between a capitalist and an entrepreneur?
Capitalist is only a financier. Entrepreneur is the coordinator and organizer of a business enterprise.
What is the definition of entrepreneurship according to A.H. Cole?
Entrepreneurship is the purposeful activities of an individual or a group of associated individuals undertaken to initiate, maintain or organize a profit oriented business unit for the production or distribution of economic goods and services.
What are the 10 characteristics of an entrepreneur according to the text?
- A catalyst of change, 2) action-oriented, 3) accepts responsibilities with enthusiasm and endurance, 4) thinker and doer, planner and worker, 5) can foresee the future, seize market with a salesman’s persuasiveness, manipulate funds with financial talent and smell error, frauds and deficiencies with an auditor’s precisions, 6) undertakes venture not for his personal gain alone but for the benefit of consumers, government and the society as well, 7) builds new enterprises, 8) finds the resources required to exploit opportunities, 9) does extraordinary things as a function of vision, hard work, and passion, 10) challenges assumptions and breaks rules.
