Entrepreneurship Chapter 1: Key Concepts and Principles

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

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

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

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

<p>Manufacturing businesses.</p> Signup and view all the answers

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

<p>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.</p> Signup and view all the answers

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

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

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

<p>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.</p> Signup and view all the answers

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

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

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

<p>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.</p> Signup and view all the answers

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

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

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