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Entrepreneur vs Entrepreneurship

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Questions and Answers

What does an entrepreneur have the ability to do?

Predict future stock market trends accurately

Always avoid taking risks in business

Foresee potential through changes in the economy (correct)

Adapt to any situation without hesitation

In which way can an entrepreneur be defined, according to the text?

Through their ability to delegate tasks effectively

By their willingness to avoid uncertainty

Based on their personal beliefs and values

By what they do or their characteristics and attributes (correct)

What does an entrepreneur do according to Frank Knight's definition mentioned in the text?

Struggles with delegation of tasks

Remains passive in the face of economic changes

Avoids all risks in business activities

Willingly bears the cost of uncertainty for profit (correct)

What is the origin of the term 'entrepreneur'?

From a French word 'entreprendre' Signup and view all the answers

Which of the following best describes entrepreneurship?

A dynamic process that involves taking risks in terms of capital, time, and career commitment Signup and view all the answers

What distinguishes an entrepreneur from entrepreneurship?

Entrepreneurs are risk-averse, while entrepreneurship involves risk-taking Signup and view all the answers

What dimension does entrepreneurship consider when creating something new?

Societal impact Signup and view all the answers

Which characteristic is essential for an entrepreneur?

Seeking and grabbing opportunities Signup and view all the answers

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 Signup and view all the answers

What dimension of entrepreneurship is highlighted by Kirzner (1973)?

Responding to existing opportunities without organizing as a business Signup and view all the answers

What distinguishes entrepreneurship from management according to Mises (2000)?

Entrepreneurship involves greater responsibility and a more crucial role than management Signup and view all the answers

Which aspect of economic development does entrepreneurship, as defined by Schumpeter (1934), primarily focus on?

Introduction of new products or methods of production Signup and view all the answers

What key attribute of an entrepreneur does Von Mises (1949) emphasize?

Performing speculative actions Signup and view all the answers

How does Blaug (2000) differentiate an entrepreneur from others?

'To do something' Signup and view all the answers