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Entrepreneurship Basics

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Questions and Answers

Match the following entrepreneurship concepts with their definitions:

Entrepreneurship = The creation or extraction of economic value with beyond minimal risk Entrepreneur = An individual who creates and/or invests in businesses, bearing most risks and enjoying most rewards Startup company = A newly established business, often with high risks involved Innovator = A person seen as a source of new ideas, goods, services, or procedures

Match the following reasons for startup failure with their descriptions:

Lack of funding = Insufficient financial resources to sustain the business Bad business decisions = Poor choices made in the management or operation of the company Government policies = Regulations or laws that negatively impact the business environment Economic crisis = A period of severe economic downturn affecting market conditions and consumer demand

Match the following narrow definitions of entrepreneurship with their descriptions:

Designing, launching and running a new business = The process of initiating and managing a fresh enterprise Capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit = The ability and readiness to handle the challenges of a business endeavor for financial gain Small business = Often similar to a new business, typically having limited scale and scope Business venture = An undertaking involving considerable risk and potential reward

Match the following factors leading to startup closure with their explanations:

<p>Lack of market demand = Insufficient consumer interest or need for the product or service offered by the startup Combination of all of these = A mix of various factors contributing to the failure of the startup Bad business decisions = Poor choices made in the management or operation of the company Economic crisis = A period of severe economic downturn affecting market conditions and consumer demand</p> Signup and view all the answers

Match the following roles associated with entrepreneurship with their responsibilities:

<p>Innovator = Responsible for introducing new ideas, goods, services, or procedures Entrepreneur = Takes on most risks and enjoys most rewards in creating or investing in businesses Startup founder = Initiates and manages a new business often involving high risks Business manager = Organizes and oversees the operations and growth of a company</p> Signup and view all the answers