Entrepreneurship Basics

Questions and Answers

What does the concept of entrepreneurship involve?

Arranging resources without identifying opportunities

Identifying opportunities, arranging resources, and investing for long term gains (correct)

Investing resources without identifying opportunities

Identifying opportunities only

What is one of the entrepreneurial functions in business?

Avoid competition in the market

Identify gaps in the market and turn these gaps into business opportunities (correct)

Only manage the business

Ignore uncertainties and risks of the business

Which step is part of the elements of entrepreneurship?

Selling products in the market

Observing the environment/identifying gaps (correct)

Hiring employees

Advertising the business

What is an essential function of an entrepreneur in business?

<p>Bear/tolerate/ the uncertainties and risks of the business</p> Signup and view all the answers

What does the word 'Entrepreneurship' mean?

<p>The process of identifying opportunities in the market place and arranging resources for pursuing these opportunities</p> Signup and view all the answers

Entrepreneurship Basics

Questions and Answers

What does the concept of entrepreneurship involve?

What is one of the entrepreneurial functions in business?

Which step is part of the elements of entrepreneurship?

What is an essential function of an entrepreneur in business?

What does the word 'Entrepreneurship' mean?

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