Podcast
Questions and Answers
What are the common elements of entrepreneurship?
What are the common elements of entrepreneurship?
- Innovation, opportunity seeking and exploitation, resource mobilizing, and encountering risk and uncertainties (correct)
- Ignorance, reluctance, and pessimism
- Procrastination, laziness, and lack of focus
- Inefficiency, complacency, and avoidance of risk
What are the common elements of entrepreneurship?
What are the common elements of entrepreneurship?
- Innovation and creativity (correct)
- Customer service and satisfaction
- Resource management and financial planning
- Risk-taking and uncertainty
What are the common elements of entrepreneurship?
What are the common elements of entrepreneurship?
- Copying existing businesses, avoiding innovation, and relying on luck
- Innovation, opportunity seeking and exploitation, resource mobilizing, and encountering risk and uncertainties (correct)
- Resource hoarding, avoiding risks, and sticking to traditional methods
- Having a large network, being charismatic, and being born into a wealthy family
What is the main objective of a business?
What is the main objective of a business?
What is the main objective of business according to the text?
What is the main objective of business according to the text?
What is the main objective of business?
What is the main objective of business?
What is the origin of the term entrepreneur?
What is the origin of the term entrepreneur?
What is the origin of the term entrepreneur?
What is the origin of the term entrepreneur?
Which skills are required for being an entrepreneur?
Which skills are required for being an entrepreneur?
What is the origin of the term entrepreneur?
What is the origin of the term entrepreneur?
What skills are required to be an entrepreneur?
What skills are required to be an entrepreneur?
What skills are required to be an entrepreneur?
What skills are required to be an entrepreneur?
What is the impact of entrepreneurship on society and the economy?
What is the impact of entrepreneurship on society and the economy?
How has the COVID-19 pandemic affected entrepreneurship?
How has the COVID-19 pandemic affected entrepreneurship?
What do entrepreneurs create by expanding the scope of their market and product creation?
What do entrepreneurs create by expanding the scope of their market and product creation?
What do entrepreneurs create by expanding the scope of their market and product creation?
What do entrepreneurs create by expanding the scope of their market and product creation?
How has the COVID-19 pandemic affected entrepreneurship?
How has the COVID-19 pandemic affected entrepreneurship?
What has led many people to seek business opportunities during the COVID-19 pandemic?
What has led many people to seek business opportunities during the COVID-19 pandemic?
Who benefits from entrepreneurship?
Who benefits from entrepreneurship?
What do entrepreneurs do to create value?
What do entrepreneurs do to create value?
How does entrepreneurship benefit society and the economy?
How does entrepreneurship benefit society and the economy?
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Study Notes
- Entrepreneurship involves developing a profit-making business venture by searching for market opportunities, establishing and operating a business, and assessing its risks and rewards.
- Entrepreneurs have the innate ability and extraordinary dedication to establish and manage a business, recognizing all the risks and reaping their rewards.
- Innovation, opportunity seeking and exploitation, resource mobilizing, and encountering risk and uncertainties are common elements of entrepreneurship.
- Entrepreneurs create value by expanding the scope of their market and product creation.
- Being an entrepreneur requires diverse business experience ranging from advertising and marketing knowledge to versatility in operations and financial skills.
- COVID-19 pandemic situations have led many people to seek business opportunities to provide for their families.
- Online business is a booming industry these days and helpful to augment the basic needs of the family.
- The main objective of business lies in the ability to earn profits from producing, selling, and buying commodities.
- The term entrepreneur has a French source and was coined from the words entre and prendre.
- Entrepreneurship benefits not only the entrepreneur but the whole society and the economy as well.
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