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Questions and Answers
Entrepreneurship is an art of correct ______
Entrepreneurship is an art of correct ______
practices
Entrepreneurship originates from the French word entreprendre which means to ______
Entrepreneurship originates from the French word entreprendre which means to ______
undertake
Entrepreneurship is closely related to ______ that contributes to the enhancement of the enterprise
Entrepreneurship is closely related to ______ that contributes to the enhancement of the enterprise
creativity
Improving the life of an entrepreneur in terms of economic, financial, social, moral and psychological aspects are priceless outcomes of ______
Improving the life of an entrepreneur in terms of economic, financial, social, moral and psychological aspects are priceless outcomes of ______
Products and services are considered valuable when they satisfy the needs and wants of the ______
Products and services are considered valuable when they satisfy the needs and wants of the ______
Entrepreneurship is different from ______
Entrepreneurship is different from ______
Risk is a part of any entrepreneurial ______
Risk is a part of any entrepreneurial ______
The innovation theory of Joseph Schumpeter considers innovation as the primary factor affecting ______
The innovation theory of Joseph Schumpeter considers innovation as the primary factor affecting ______
The Keynesian theory attributes economic growth, especially during depression, to the ______
The Keynesian theory attributes economic growth, especially during depression, to the ______
The entrepreneurship theory of Alfred Marshall asserts that there are four factors in ______
The entrepreneurship theory of Alfred Marshall asserts that there are four factors in ______
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Study Notes
Entrepreneurship Overview
- Entrepreneurship originates from the French word "entreprendre", meaning "to undertake".
- It is the art of observing correct practices in managing and operating a self-owned business venture.
Salient Features of Entrepreneurship
- Entrepreneurship is an art, not a science, and involves constant change, growth, and improvement.
- It is a wealth-creating venture that balances effort, purpose, and profit.
- Entrepreneurship provides valuable goods and services that satisfy customers' needs and wants.
- It involves opening and managing a self-owned enterprise, different from intrapreneurship.
- Entrepreneurship is a risk-taking venture that requires analyzing and managing risks.
Theories on Entrepreneurship
Innovation Theory
- Introduced by Joseph Schumpeter, an Austrian Economist and Political Scientist.
- Innovation is the primary factor affecting development.
- Entrepreneurs introduce innovation in the form of new products, production methods, markets, suppliers, or industry structures.
Keynesian Theory
- Developed by John Maynard Keynes, a British Economist.
- Attributes economic growth to the government's role in entrepreneurial development.
- Emphasizes the government's participation in resolving short-term economic disequilibrium.
Alfred Marshall Theory
- Introduced by Alfred Marshall, an English economist.
- Identifies four factors of production: entrepreneurship, labor, capital, and natural resources.
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