Questions and Answers
What are the common elements of entrepreneurship?
Innovation, opportunity seeking and exploitation, resource mobilizing, and encountering risk and uncertainties
What are the common elements of entrepreneurship?
Innovation and creativity
What are the common elements of entrepreneurship?
Innovation, opportunity seeking and exploitation, resource mobilizing, and encountering risk and uncertainties
What is the main objective of a business?
Signup and view all the answers
What is the main objective of business according to the text?
Signup and view all the answers
What is the main objective of business?
Signup and view all the answers
What is the origin of the term entrepreneur?
Signup and view all the answers
What is the origin of the term entrepreneur?
Signup and view all the answers
Which skills are required for being an entrepreneur?
Signup and view all the answers
What is the origin of the term entrepreneur?
Signup and view all the answers
What skills are required to be an entrepreneur?
Signup and view all the answers
What skills are required to be an entrepreneur?
Signup and view all the answers
What is the impact of entrepreneurship on society and the economy?
Signup and view all the answers
How has the COVID-19 pandemic affected entrepreneurship?
Signup and view all the answers
What do entrepreneurs create by expanding the scope of their market and product creation?
Signup and view all the answers
What do entrepreneurs create by expanding the scope of their market and product creation?
Signup and view all the answers
How has the COVID-19 pandemic affected entrepreneurship?
Signup and view all the answers
What has led many people to seek business opportunities during the COVID-19 pandemic?
Signup and view all the answers
Who benefits from entrepreneurship?
Signup and view all the answers
What do entrepreneurs do to create value?
Signup and view all the answers
How does entrepreneurship benefit society and the economy?
Signup and view all the answers
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.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.