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Entrepreneurship Chapter 1: Concepts and Characteristics

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Entrepreneurship Chapter 1: Concepts and Characteristics

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Questions and Answers

What term describes the process of creating something new with value by assuming risks and receiving rewards?

Creativity

Independence

Entrepreneurship (correct)

Innovation

Which adjective describes how an entrepreneur undertakes their projects?

Conventional

Entrepreneurial (correct)

Innovative

Risk-free

What was an entrepreneur in the 17th Century according to the text?

A service provider

An innovative creator

A government contractor (correct)

An individual undertaking a commercial project

Which term is synonymous with 'someone who undertakes certain projects' according to the text?

Entrepreneur Signup and view all the answers

What is the historical origin of entrepreneurship as mentioned in the text?

Government contractual agreements Signup and view all the answers

Which of the following best describes the role of an entrepreneur from an economic perspective?

One who brings resources together to create greater value Signup and view all the answers

Based on the text, what does 'Entrepreneurial Process' primarily refer to?

New value creation means Signup and view all the answers

Which of the following best represents the psychological perspective on entrepreneurs?

Driven by the need for achievement, experimentation, and independence Signup and view all the answers

Which of the following is NOT a type of entrepreneur mentioned in the text?

Serial entrepreneur Signup and view all the answers

What is the function of an entrepreneur from the perspective of a capitalist philosopher?

To create wealth for themselves and others Signup and view all the answers

Based on the information provided, which of the following statements is TRUE about intrapreneurship?

It involves entrepreneurial work within a large organization Signup and view all the answers

Which of the following is NOT mentioned as a role of entrepreneurs in economic development?

Reduction in economic concentration Signup and view all the answers