Entrepreneurship Basics
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Questions and Answers

What is a key characteristic of an entrepreneur?

  • Being a dedicated manager
  • Having a high risk of failure
  • Creating a new thing or adding value to what exists (correct)
  • Having a large amount of capital
  • What is one of the benefits of technological entrepreneurship?

  • Reduces the cost of doing business (correct)
  • Reduces the quality of business strategy
  • Increases the cost of doing business
  • Makes communication harder
  • What is a challenge that technological entrepreneurs may face?

  • Easy access to capital
  • Availability of market
  • Lack of governmental support (correct)
  • High opportunities for growth
  • Why is education and training important for technological entrepreneurs?

    <p>To gain the necessary skills and knowledge</p> Signup and view all the answers

    What is a feature of technological entrepreneurship?

    <p>High risk of failure</p> Signup and view all the answers

    What is the primary role of an entrepreneur?

    <p>To create a new product or add value to an existing one</p> Signup and view all the answers

    What is a key advantage of technological entrepreneurship?

    <p>It makes communication easier</p> Signup and view all the answers

    What is a major challenge that technological entrepreneurs may face?

    <p>Lack of infrastructure</p> Signup and view all the answers

    Why is dedicated management and understanding important for technological entrepreneurs?

    <p>It improves business strategy</p> Signup and view all the answers

    What is a potential outcome of technological entrepreneurship?

    <p>Takes longer time to manifest</p> Signup and view all the answers

    Study Notes

    Definition of Entrepreneur

    • To be an entrepreneur, one must create a new thing or add value to what already exists.

    Entrepreneurial Needs

    • A person with an idea is necessary.
    • Dedicated management and understanding are required.
    • Dedicated staff is essential for entrepreneurial success.

    Importance of Technological Entrepreneurship

    • It provides high opportunities for growth and development.
    • It takes bigger time to manifest, but can lead to significant success.
    • It makes communication easier and more efficient.
    • It improves business strategy and decision-making.
    • It reduces the cost of doing business, increasing profitability.
    • It encourages customer relationships and loyalty.

    Challenges of Technological Entrepreneurship

    • Capital constraints can hinder entrepreneurial growth.
    • Lack of infrastructure can limit entrepreneurial opportunities.
    • Education and training are necessary to overcome entrepreneurial challenges.
    • Political instability can negatively impact entrepreneurial growth.
    • Availability of market is crucial for entrepreneurial success.
    • Lack of governmental support can hinder entrepreneurial development.

    Technological Entrepreneurship

    • To be an entrepreneur, one must create a new thing or add value to what exists.

    Characteristics of an Entrepreneur

    • A person with an idea is needed.
    • Dedicated management and understanding are essential.
    • Dedicated staff is required.

    Importance of Technological Entrepreneurship

    • It provides high opportunities.
    • However, it comes with a high risk of failure.
    • It takes a longer time to manifest.
    • It makes communication easier.
    • It improves business strategy.
    • It reduces the cost of doing business.
    • It encourages customer relationships.

    Challenges of Technological Entrepreneurship

    • Capital is a major challenge.
    • Lack of infrastructure is a significant obstacle.
    • Education and training are needed.
    • Political instability is a challenge.
    • Availability of market is a challenge.
    • Lack of governmental support is a major hurdle.

    Example of Technological Entrepreneurship

    • Google, founded by Larry Page and Sergey Brin, is an example of technological entrepreneurship.

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    Description

    Learn about the fundamentals of entrepreneurship, including the definition, needs, and importance of technological entrepreneurship. Understand what it takes to be a successful entrepreneur and the benefits of technological entrepreneurship.

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