14 Questions
What does an entrepreneur have the ability to do?
Foresee potential through changes in the economy
In which way can an entrepreneur be defined, according to the text?
By what they do or their characteristics and attributes
What does an entrepreneur do according to Frank Knight's definition mentioned in the text?
Willingly bears the cost of uncertainty for profit
What is the origin of the term 'entrepreneur'?
From a French word 'entreprendre'
Which of the following best describes entrepreneurship?
A dynamic process that involves taking risks in terms of capital, time, and career commitment
What distinguishes an entrepreneur from entrepreneurship?
Entrepreneurs are risk-averse, while entrepreneurship involves risk-taking
What dimension does entrepreneurship consider when creating something new?
Societal impact
Which characteristic is essential for an entrepreneur?
Seeking and grabbing opportunities
According to Schumpeter (1934), what role does an entrepreneur play in society?
A sociologically distinct individual who is a creative and resourceful innovator as well as an agent of change
What dimension of entrepreneurship is highlighted by Kirzner (1973)?
Responding to existing opportunities without organizing as a business
What distinguishes entrepreneurship from management according to Mises (2000)?
Entrepreneurship involves greater responsibility and a more crucial role than management
Which aspect of economic development does entrepreneurship, as defined by Schumpeter (1934), primarily focus on?
Introduction of new products or methods of production
What key attribute of an entrepreneur does Von Mises (1949) emphasize?
Performing speculative actions
How does Blaug (2000) differentiate an entrepreneur from others?
'To do something'
Explore the distinctions between an entrepreneur and entrepreneurship in this quiz. Learn about the roles, responsibilities, and characteristics associated with each term.
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