7 Questions
What is the primary ability of an entrepreneur according to the text?
Spotting opportunities and conceptualizing ideas
What does an entrepreneur's first investment in a business enterprise typically consist of?
An idea
Which term refers to the buyers and users of the entrepreneur's product?
Market
In entrepreneurship, what do raw materials represent?
The basic inputs for producing products
What does capital primarily refer to in the context of entrepreneurship?
The buildings, machinery, equipment, and tools used in production
Which phrase best describes the process an entrepreneur uses to transform resources into products?
Using creativity and innovation
What is considered an entrepreneur's clear plan of action according to the text?
'A painting or more or less clear picture in his mind'
Test your knowledge on entrepreneurship by understanding the basic concepts such as identifying opportunities, utilizing resources, and generating profits. Learn about the skills and activities involved in starting and running a successful business.
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