Entrepreneurship and Entrepreneurs

Entrepreneurship is an art of correct ______

Entrepreneurship originates from the French word entreprendre which means to ______

Entrepreneurship is closely related to ______ that contributes to the enhancement of the enterprise

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 ______

Entrepreneurship is different from ______

Risk is a part of any entrepreneurial ______

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 entrepreneurship theory of Alfred Marshall asserts that there are four factors in ______

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.

This quiz explores the concept of entrepreneurship and the characteristics of entrepreneurs. Learn about the origins of the word 'entrepreneur' and the key principles involved in managing a self-owned business venture.