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 (C)</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 (B)</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 (C)</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' (D)</p> Signup and view all the answers

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