Entrepreneurship Chapter 1: Key Concepts and Principles

Play an AI-generated podcast conversation about this lesson

What are some contributions of entrepreneurship to economic development?

Contributions include developing new products, discovering new sources of materials, mobilizing capital resources, introducing new technologies and processes, creating employment, and paying taxes.

List some career opportunities for entrepreneurs.

Starting a New Business, Consulting, Investing, Teaching or Mentoring, Franchising, Intrapreneurship, Non-Profit Work, and Freelancing or Contracting.

What is innovation in the context of entrepreneurship?

Innovation refers to the introduction of new ideas, methods, procedures, or changes to existing products or processes that add value.

What are some characteristics of successful entrepreneurs?

Characteristics include drive, creativity, human relations ability, communication skills, technical knowledge, risk-taking, self-confidence, goal setting, accountability, and innovation. Signup and view all the answers

What types of businesses are involved in the conversion of raw materials into products?

Manufacturing businesses. Signup and view all the answers

How does effective entrepreneurship contribute to economic development?

Effective entrepreneurship contributes by creating employment, introducing new technologies, developing new products, discovering materials, mobilizing capital resources, and paying taxes. Signup and view all the answers

What is the main difference between a businessman/businesswoman and an entrepreneur?

The businessman/businesswoman follows existing ideas and tends to face small risks, while the entrepreneur brings up new ideas and exerts their abilities to realize these new business ideas. Signup and view all the answers

Define entrepreneurship in your own words.

Entrepreneurship is the process of identifying, creating, and pursuing opportunities to start and manage a new business, involving risks, resource organization, and innovation. Signup and view all the answers

What is the goal of economic development?

Economic development aims to improve the living standards of the nation's citizenry. Signup and view all the answers

Explain the role of an entrepreneur in economic development.

Entrepreneurs play a vital role in economic development by creating new businesses, products, and services, which contribute to job creation and innovation. Signup and view all the answers

What characteristics differentiate an entrepreneur from a businessman/businesswoman?

Entrepreneurs are flexible, embrace challenges, focus on personal satisfaction, and bring up new ideas, while businessmen/businesswomen tend to follow existing ideas and focus on profits. Signup and view all the answers

How does entrepreneurship contribute to society?

Entrepreneurship contributes to society by fostering innovation, creating job opportunities, and improving overall economic growth. Signup and view all the answers

What is the difference between a merchandising business and a service business?

A merchandising business purchases finished products and resells them, while a service business performs tasks for the benefit of their customers. Signup and view all the answers

Explain the concept of a sole proprietorship in business.

A sole proprietorship is a business owned and run by one person for their own benefit. Signup and view all the answers

What is the difference between general partnership and limited partnership?

In a general partnership, all partners are personally liable and involved in decision-making, while in a limited partnership, one partner is responsible for decision-making and liability, with other partners being investors. Signup and view all the answers

Define corporations in the context of business organizations.

Corporations are businesses owned by shareholders and are structured as separate legal entities. Signup and view all the answers

What does an extractive business involve?

An extractive business involves the extraction of raw materials from the earth and selling them to consumers. Signup and view all the answers

Describe the nature of agricultural business or agribusiness.

Agribusiness involves the farming, management, production, and marketing of agricultural commodities like crops and livestock. Signup and view all the answers