Entrepreneurship Basics for 1st Exam

Who is credited with coining the term 'entrepreneurship'?

Entrepreneurship has always been a complex concept in human history.

What does entrepreneurship primarily involve?

The French word 'entreprendre' means to ______.

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

Match the following components with their descriptions:

All entrepreneurship definitions emphasize the importance of adding value.

Name one way to become an entrepreneur.

What is a primary aim of entrepreneurship?

Entrepreneurship is solely defined by the economic benefits it provides.

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

Entrepreneurship stimulates market operations and contributes to continuous economic ______.

Match the following entrepreneurial contributions with their effects:

Which of the following is NOT a benefit of entrepreneurship?

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

What role does modernization play in entrepreneurship?

Entrepreneurs take available resources and develop them into ______ ventures.

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

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.

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.