Entrepreneurship Basics
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Questions and Answers

Who can be rightly called a person with entrepreneurial traits?

  • Only business tycoons like L.N. Mittal or Bill Gates
  • Exclusively individuals who invest in large industrial ventures
  • Anyone exhibiting characteristics like self-development, creativity, self-decision making, and risk-taking (correct)
  • Only people who work for others in a business setting

What is entrepreneurship?

  • A process by which individuals work for others in a business setting
  • A process by which individuals pursue artistic endeavors
  • A process by which individuals invest in existing businesses
  • A process by which individuals launch and manage their business and industrial enterprises (correct)

What are some characteristics of entrepreneurship?

  • Following instructions, conformity, risk-aversion, and routine work
  • Passivity, fixed mindset, lack of creativity, and aversion to taking any risks
  • Submissiveness, dependence, fear of change, and lack of initiative
  • Self-development, creativity, self-decision making, and risk-taking (correct)

In what context can virtually everybody be considered entrepreneurial?

<p>In terms of self-development, creativity, self-decision making, and risk-taking (D)</p> Signup and view all the answers

What does the term 'entrepreneurship' refer to?

<p>Launching and managing personal and industrial enterprises (B)</p> Signup and view all the answers

When can a person running a business be called an entrepreneur?

<p>When exhibiting characteristics of self-development, creativity, self-decision making, and risk-taking (A)</p> Signup and view all the answers

Which of the following is an example of entrepreneurial traits?

<p>An athlete practicing to improve performance (B)</p> Signup and view all the answers

Who can be rightly called a person with entrepreneurial traits?

<p>A musician who creates original compositions (B)</p> Signup and view all the answers

What is an essential characteristic of an entrepreneur?

<p>Risk-taking (C)</p> Signup and view all the answers

In what context can virtually everybody be considered entrepreneurial?

<p>Exhibiting self-development and creativity (B)</p> Signup and view all the answers

Which of the following best describes the term 'entrepreneurship' based on the passage?

<p>The process of launching and managing business and industrial enterprises (B)</p> Signup and view all the answers

In what context can virtually everybody be considered entrepreneurial, as per the passage?

<p>Self-development and creativity in daily life (C)</p> Signup and view all the answers

What distinguishes an entrepreneur based on the passage?

<p>Risk and investment of own capital into business ventures (A)</p> Signup and view all the answers

Which of the following activities best exemplifies entrepreneurial traits based on the passage?

<p>A housewife using waste material for making a piece of art (A)</p> Signup and view all the answers

What is the key characteristic of a person with entrepreneurial traits, as per the passage?

<p>Self-development, creativity, self-decision making, and risk-taking (C)</p> Signup and view all the answers

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