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Questions and Answers
the entrepreneur has big business ideas and he does not stop improving and thinking of new worthwhile ideas for his business.
innovative
Entrepreneurship is an economic activity because it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of limited resources.
economic and Dynamic Activity
The entrepreneur constantly looks for new ideas, thus he needs to be creative
innovative
The entrepreneur can be compensated by his profit coming from the operation.
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The entrepreneur needs to gamble but wise enough to offset the risk.
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They are those who always make new things by thinking of new ideas. They have the ability to think newer, better and more economical ideas.
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They are those who don’t create new things but only follow the ideas of other entrepreneurs.
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They are skeptical about changes to be made in the organization. They don’t initiate but follow only after they are satisfied.
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They are those who live on the labor of others. They are die-hard conservatives even ready to suffer the loss of business.
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They are those who initiate changes and drive social innovation and transformation in the various fields such as education, health, human rights, environment and enterprise development.
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Study Notes
Characteristics of an Entrepreneur
- Has big business ideas and constantly improves and thinks of new worthwhile ideas
- Creativity is essential for an entrepreneur to look for new ideas
Entrepreneurship
- An economic activity involving the creation and operation of an enterprise
- Aims to create value or wealth by utilizing limited resources optimally
Entrepreneur's Compensation
- Can be compensated by profits from business operations
Entrepreneurial Risk and Caution
- Needs to take calculated risks, balancing boldness with prudence to offset risks
Types of Entrepreneurs
Innovative Entrepreneurs
- Create new things by thinking of new ideas
- Have the ability to think of newer, better, and more economical ideas
Imitative Entrepreneurs
- Don't create new things, but only follow others' ideas
- Skeptical about changes, only follow when satisfied
Conservative Entrepreneurs
- Live on the labor of others
- Die-hard conservatives, even willing to suffer business losses
Social Entrepreneurs
- Initiate changes and drive social innovation and transformation
- Active in various fields, including education, health, human rights, environment, and enterprise development
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Description
Test your knowledge on entrepreneurship by answering questions related to generating and implementing innovative ideas for a business. Explore how entrepreneurs continuously strive to improve and develop new valuable concepts for their ventures.
