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Entrepreneurship and Business Entities

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Questions and Answers

What is a key characteristic of an enterprise?

It is a business idea developed by an entrepreneur

It is a type of entrepreneurship

It is a market opportunity

It is a legal entity with the right to conduct business (correct)

What is the primary role of an entrepreneur?

To take risks and invest resources

To create wealth

To create and develop a business idea (correct)

To establish a legal entity

What is the outcome of entrepreneurship?

Market opportunity exploitation

Job creation

Incremental wealth creation (correct)

Resource allocation

What is a key benefit of entrepreneurship in a country like Ethiopia?

It shifts people from job seekers to job creators Signup and view all the answers

What is the driving force behind innovation in entrepreneurship?

Creativity Signup and view all the answers

What is the process of entrepreneurship?

Identifying opportunities, arranging resources, and investing resources Signup and view all the answers

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.