6 Questions
What is a key characteristic of an enterprise?
It is a legal entity with the right to conduct business
What is the primary role of an entrepreneur?
To create and develop a business idea
What is the outcome of entrepreneurship?
Incremental wealth creation
What is a key benefit of entrepreneurship in a country like Ethiopia?
It shifts people from job seekers to job creators
What is the driving force behind innovation in entrepreneurship?
Creativity
What is the process of entrepreneurship?
Identifying opportunities, arranging resources, and investing resources
Study Notes
Enterprise and Entrepreneurship
- An enterprise is a legal entity with the right to conduct business, including entering into contracts, owning property, incurring liabilities, and establishing bank accounts.
- An entrepreneur is a person who creates and develops a business idea, takes risks, and sets up an enterprise to produce a product or service that satisfies customer needs.
- Entrepreneurship is a process that involves identifying market opportunities, arranging resources, and investing in those opportunities to achieve long-term gains.
- It involves creating wealth by bringing together resources in new ways to start and operate an enterprise.
- Entrepreneurship is a practice and process that results in creativity, innovation, and enterprise development and growth.
- Engaging in entrepreneurship shifts people from being "job seekers" to "job creators", which is critical in countries with high unemployment rates.
- Entrepreneurship requires creativity as a driving force behind innovation.
Learn about the definition and characteristics of an enterprise, entrepreneurship, and the process of identifying opportunities in the market.
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