Entrepreneurship Basics for 1st Exam

Questions and Answers

Who is credited with coining the term 'entrepreneurship'?

Karl Marx

Richard Cantillon (correct)

Adam Smith

Joseph Schumpeter

Entrepreneurship has always been a complex concept in human history.

False

What does entrepreneurship primarily involve?

Undertaking risks and transforming opportunities into sustainable business ventures.

The French word 'entreprendre' means to ______.

undertake Signup and view all the answers

Which of the following is NOT a characteristic of the entrepreneurial ecosystem?

Absence of competition Signup and view all the answers

Match the following components with their descriptions:

Intrapreneurship = Acting like an entrepreneur within a larger organization Entrepreneurial Mind Process = The thought process of identifying opportunities and risks Sustainable business = A business model that is viable over the long term Common myths about entrepreneurship = Misconceptions regarding the nature and risks of starting a business Signup and view all the answers

All entrepreneurship definitions emphasize the importance of adding value.

True Signup and view all the answers

Name one way to become an entrepreneur.

By taking calculated risks and identifying market opportunities. Signup and view all the answers

What is a primary aim of entrepreneurship?

To create change and innovation Signup and view all the answers

Entrepreneurship is solely defined by the economic benefits it provides.

False Signup and view all the answers

What term is used to describe someone who utilizes entrepreneurial characteristics within their profession?

Intrapreneur Signup and view all the answers

Entrepreneurship stimulates market operations and contributes to continuous economic ______.

growth Signup and view all the answers

Match the following entrepreneurial contributions with their effects:

Creates new products = Addresses consumer needs Promotes competition = Drives prices down Generates income = Increases national income Provides employment = Reduces poverty Signup and view all the answers

Which of the following is NOT a benefit of entrepreneurship?

Encourages traditional methods Signup and view all the answers

Entrepreneurship only benefits individual entrepreneurs and not the economy as a whole.

False Signup and view all the answers

What role does modernization play in entrepreneurship?

It gives birth to new entrepreneurial ventures and intrapreneurship. Signup and view all the answers

Entrepreneurs take available resources and develop them into ______ ventures.

money-making Signup and view all the answers

What is one effect of new products and services introduced by entrepreneurs?

Creation of job opportunities Signup and view all the answers

Study Notes

Evolution and Definition of Entrepreneurship

Entrepreneurship originates from economics and has evolved into a complex profession over time.
The term "entrepreneur" was coined by Richard Cantillon, a 17th-century French economist, meaning "to undertake."
Entrepreneurship involves taking risks to transform opportunities into sustainable business ventures.
Various definitions of entrepreneurship emphasize adding value, innovation, and independent thought through risk-taking.
The concept remains fluid, allowing for personal interpretations based on individual experiences and willingness to undertake risks.

Importance of Entrepreneurship

Entrepreneurship significantly contributes to economic and social development.
It fosters competition, driving quality improvements and reducing prices for consumers.
Entrepreneurs utilize available resources to create money-making ventures that address national needs.
The rise of intrapreneurship represents a shift where innovative mindset and entrepreneurial skills enhance various professions.
New product and service innovations by entrepreneurs stimulate market growth and continuous development.
Entrepreneurship increases national income by generating revenue for individuals and governments through new ventures.
It provides employment opportunities, aiding in poverty reduction and food security.
Taxes generated from entrepreneurial activities fund essential projects and programs for national development.
The growth of Micro, Small, and Medium Enterprises (MSMEs) creates additional job opportunities and contributes to the economy.
Entrepreneurship drives social change by introducing new products, promoting modern consumer habits, and shifting societal norms.

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Description

This quiz focuses on the essential knowledge required for the first exam in the Entrepreneurial Mind/Behavior course. You will explore the evolution and definition of entrepreneurship, its importance, and foundational concepts. Be prepared to integrate various resources for your understanding.