Entrepreneurship Basics

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Questions and Answers

What is the primary characteristic of entrepreneurship that allows entrepreneurs to shape their business according to their vision?

  • Innovation and Creativity
  • Persistence and Determination
  • Risk-taking and Resilience
  • Independence (correct)

What do entrepreneurs need to effectively manage to maximize their chances of success?

  • Networking and Relationship Building
  • Resource Management (correct)
  • Risk-taking and Resilience
  • Vision and Opportunity

What do entrepreneurs demonstrate in the face of challenges?

  • Adaptability and Flexibility
  • Innovation and Creativity
  • Resilience (correct)
  • Persistence and Determination

What is the primary reason entrepreneurs build a strong network of contacts, partners, and mentors?

<p>To gain support and access resources (C)</p> Signup and view all the answers

What is the key characteristic of entrepreneurship that enables entrepreneurs to differentiate themselves from others?

<p>Innovation and Creativity (A)</p> Signup and view all the answers

What do entrepreneurs need to overcome obstacles and stay committed to their long-term goals?

<p>Persistence and Determination (A)</p> Signup and view all the answers

What is a key characteristic of entrepreneurs in terms of risk-taking?

<p>Taking calculated risks to achieve business goals (D)</p> Signup and view all the answers

What is one of the advantages of entrepreneurship in terms of personal fulfillment?

<p>Pursuing a passion and turning it into a livelihood (D)</p> Signup and view all the answers

Why is flexibility and adaptability important for entrepreneurs?

<p>To adapt to changing market conditions and consumer demands (C)</p> Signup and view all the answers

What is one of the benefits of entrepreneurship in terms of job creation?

<p>Hiring employees to support and grow the business (A)</p> Signup and view all the answers

What is a key trait of successful entrepreneurs in terms of learning?

<p>Constantly seeking knowledge and skills to stay ahead (C)</p> Signup and view all the answers

What is one of the risks of entrepreneurship in terms of workload?

<p>Facing long working hours and juggling multiple responsibilities (A)</p> Signup and view all the answers

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