Entrepreneurship Basics
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Questions and Answers

What is entrepreneurship?

  • The ability to transform resources into goods or services for a fair profit (correct)
  • The process of marketing goods to consumers
  • The skill of managing employees in a business
  • The act of selling products in the market

    • Which activity is NOT part of entrepreneurship?

  • Identifying and using resources in the environment
  • Spotting opportunities
  • Conceptualizing ideas into business opportunities
  • Managing stocks in a warehouse (correct)

    • What does an entrepreneur's FIRST investment in a business enterprise typically involve?

  • Capital
  • Raw materials
  • An idea (correct)
  • Market analysis

    • What do raw materials represent in entrepreneurship?

    <p>Basic inputs used to create products</p> Signup and view all the answers

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

    <p>Buildings and machinery used in production</p> Signup and view all the answers

    What is the market in the context of entrepreneurship?

    <p>Buyers and users of the entrepreneur's product</p> Signup and view all the answers

    Which of the following is NOT a behavior, skill, or attribute conducive to entrepreneurial development?

    <p>Risk aversion</p> Signup and view all the answers

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