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Entrepreneurship Basics

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Questions and Answers

What is the root meaning of the term 'entrepreneur'?

One who undertakes a business venture (correct)

A person who invents and creates new ideas

Someone who is self-motivated

One who takes risks in order to reap good returns

According to Joseph Schumpter, what distinguishes entrepreneurs from ordinary businessmen?

Their ability to take risks

Their focus on profit maximization

Their delivery of innovation and technological change (correct)

Their experience in running businesses

What does the term 'Creative destruction' refer to in entrepreneurship?

Establishing new sources of supply

Expanding into new markets

Getting rid of old, obsolete practices to make way for new ways of doing business (correct)

Introducing new product lines

Which term is used to describe the product (goods or services) offered for sale by a business?

Enterprise Signup and view all the answers

What is the significance of the root word 'Antha Prerna' in the context of entrepreneurship?

It symbolizes self-motivation in Sanskrit Signup and view all the answers

According to Claro Ganac, what is his advice regarding the use of puns in marketing?

Risky and best avoided Signup and view all the answers

What is the term 'Gut game' referred to in the text?

The entrepreneur's ability to rely solely on intuition Signup and view all the answers

According to Jean-Baptiste Say, what role does the entrepreneur play in the economy?

Generating jobs for other people Signup and view all the answers

What does 'Profit' refer to in the context of entrepreneurship?

The compensation of risks taken by the entrepreneur Signup and view all the answers

Which factor is NOT mentioned as a cause of business failure in the text?

Having passion for the business Signup and view all the answers

What is a key characteristic of a good business name according to the text?

Personal and symbolic Signup and view all the answers

What does a 'Business Plan' typically outline?

Company's financial objectives and how to achieve them Signup and view all the answers