Entrepreneurship Basics
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Questions and Answers

What is the primary ability of an entrepreneur according to the text?

  • Acquiring unlimited resources
  • Manufacturing goods and providing services
  • Setting fair prices for goods and services
  • Spotting opportunities and conceptualizing ideas (correct)

    • What does an entrepreneur's first investment in a business enterprise typically consist of?

  • Market research
  • Raw materials
  • An idea (correct)
  • Capital

    • Which term refers to the buyers and users of the entrepreneur's product?

  • Capital
  • Raw materials
  • Profit
  • Market (correct)

    • In entrepreneurship, what do raw materials represent?

    <p>The basic inputs for producing products</p> Signup and view all the answers

    What does capital primarily refer to in the context of entrepreneurship?

    <p>The buildings, machinery, equipment, and tools used in production</p> Signup and view all the answers

    Which phrase best describes the process an entrepreneur uses to transform resources into products?

    <p>Using creativity and innovation</p> Signup and view all the answers

    What is considered an entrepreneur's clear plan of action according to the text?

    <p>'A painting or more or less clear picture in his mind'</p> Signup and view all the answers

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