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Questions and Answers
An entrepreneur can be defined as someone who opens a business but does not manage it.
An entrepreneur can be defined as someone who opens a business but does not manage it.
False (B)
Which of the following statements is true regarding self-owned businesses?
Which of the following statements is true regarding self-owned businesses?
- The owner must manage the business. (correct)
- The business can be a franchise. (correct)
- Management can be handled by someone else.
- Ownership does not matter.
What is intrapreneurship?
What is intrapreneurship?
Business practices of franchising and buyout.
A business is considered self-owned when the owner manages its daily ______.
A business is considered self-owned when the owner manages its daily ______.
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What differentiates an entrepreneur from an ordinary businessperson?
What differentiates an entrepreneur from an ordinary businessperson?
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Which of the following is NOT a characteristic of entrepreneurship?
Which of the following is NOT a characteristic of entrepreneurship?
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Study Notes
Principles of Entrepreneurship
- Entrepreneurship involves opening and managing a self-owned business.
- A self-owned enterprise requires the owner to be the one managing daily operations.
Definition of Self-Owned Businesses
- Self-owned businesses are characterized by the owner also acting as the manager.
- This ownership model is essential for an endeavor to be classified as entrepreneurship.
Intrapreneurship vs. Entrepreneurship
- Businesses managed by others for the owner's benefit fall under intrapreneurship.
- Intrapreneurship can involve practices like franchising and buyouts, differing from classical entrepreneurship.
Ownership and Business Size
- The essence of entrepreneurship revolves around ownership, not the level of capital invested or business type.
- Entrepreneurial ventures can vary in scale, from small bakeries to multimillion-dollar companies.
Entrepreneurial Definition Clarification
- A true entrepreneur must manage their own business; otherwise, they are considered an ordinary businessperson.
- If a business is run by a manager distinct from the owner, neither party qualifies as an entrepreneur.
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