Entrepreneurship Chapter 1 Key Concepts
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Questions and Answers

What is the primary contribution of entrepreneurship to economic development?

  • Mobilizing capital resources (correct)
  • Developing new products
  • Introducing new technologies and processes
  • Creating employment
  • Which of the following is NOT considered a characteristic of successful entrepreneurs?

  • Drive
  • Self-confidence
  • Risk-aversion (correct)
  • Creativity
  • Which type of business is involved in the conversion of raw materials into products?

  • Non-Profit
  • Manufacturing (correct)
  • Consulting
  • Franchising
  • Which of the following is NOT listed as a career opportunity for entrepreneurs?

    <p>Real Estate</p> Signup and view all the answers

    Which of the following is NOT considered a type of innovation?

    <p>Increased marketing efforts</p> Signup and view all the answers

    Which of the following is the LEAST important characteristic of successful entrepreneurs?

    <p>Technical knowledge</p> Signup and view all the answers

    What is the main focus of a businessman/businesswoman compared to an entrepreneur?

    <p>Pursuing profits</p> Signup and view all the answers

    How does entrepreneurship differ from traditional business in terms of idea implementation?

    <p>Entrepreneurs follow existing ideas, businessmen bring up new ideas</p> Signup and view all the answers

    Which term best describes the readiness of an entrepreneur to embrace challenges and changes?

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

    What is the primary motivation for a businessman/businesswoman according to the text?

    <p>Pursuing profits</p> Signup and view all the answers

    Which of the following characteristics is essential for an entrepreneur based on the text?

    <p>Bringing up new ideas</p> Signup and view all the answers

    What distinguishes entrepreneurship from economic development according to the text?

    <p>Creating opportunities vs improving living standards</p> Signup and view all the answers

    Which of the following statements accurately describes a service business?

    <p>A business that performs tasks for the benefit of their customers</p> Signup and view all the answers

    In a general partnership, which of the following statements is true?

    <p>All partners are personally liable and responsible for the business, and must be involved in decision-making</p> Signup and view all the answers

    Which of the following accurately describes a corporation?

    <p>A business owned by shareholders and structured as a separate legal entity</p> Signup and view all the answers

    Which of the following is the primary characteristic of a merchandising business?

    <p>It purchases finished products and resells them</p> Signup and view all the answers

    Which of the following business types is involved in the farming, management, production and marketing of agricultural commodities?

    <p>Agricultural Business or Agribusiness</p> Signup and view all the answers

    In a limited partnership, which of the following statements is true?

    <p>One partner is responsible for decision-making and is liable for the business, while the other partner(s) merely invest</p> Signup and view all the answers

    Study Notes

    Entrepreneurship and Economic Development

    • Effective and efficient utilization of economic resources contributes to economic development, which is driven by entrepreneurship.

    Contributions of Entrepreneurship to Economic Development

    • Develop new products
    • Discover new sources of materials
    • Mobilize capital resources
    • Introduce new technologies and processes to improve existing products
    • Create employment opportunities
    • Pay taxes

    Career Opportunities for Entrepreneurs

    • Starting a new business
    • Consulting
    • Investing
    • Teaching or mentoring
    • Franchising
    • Intrapreneurship
    • Non-profit work
    • Freelancing or contracting

    Entrepreneurship and Innovation

    • Innovation is the introduction of a new idea, method, procedure, or change to an existing product or process that adds value.
    • Types of innovation include new products, new processes of production, substitution of cheaper materials, reorganization of production, and improvement in instruments or methods of production.

    Characteristics of Entrepreneurs

    • Drive
    • Creativity
    • Human relations ability
    • Ability to communicate
    • Technical knowledge
    • Risk-taking
    • Self-confidence
    • Goal setting
    • Accountability
    • Innovation

    Types of Businesses

    • Manufacturing: converts raw materials into products
    • Service Business: performs tasks for the benefit of customers
    • Merchandising Business: purchases finished products and resells them
    • Wholesaling: sells to retailers, industry institutions, and commercial users
    • Retailing: sells to final consumers/end users
    • Extractive Business: involves the extraction of raw materials from the earth
    • Agricultural Business/Agribusiness: involves the farming, management, production, and marketing of agricultural commodities
    • General Construction: involves various forms of construction projects

    Major Forms of Business Organizations

    • Sole Proprietorship: a business owned and run by one person for their own benefit
    • Partnership: a business owned by two or more people, can be either general or limited
    • Corporation: a business owned by shareholders, structured as a separate legal entity

    Entrepreneurship Definition and Key Concepts

    • Entrepreneurship is the process of identifying, creating, and pursuing opportunities to start and manage a new business.
    • Entrepreneurship involves taking risks, organizing resources, and making innovations to bring a new product, service, or idea to the market.

    Businessman/Business Woman VS Entrepreneur

    • Businessman/businesswoman: follows traditional ways, focuses on pursuing profits, and finds it difficult to get out of their comfort zone.
    • Entrepreneur: brings up new ideas, focuses on their passion, and is flexible, easy to adapt to changes, and can easily get out of their comfort zone.

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    Test your knowledge of key concepts, principles, and core competencies in entrepreneurship with this quiz. Learn about the process of identifying, creating, and pursuing opportunities to start and manage a new business, taking risks, organizing resources, and making innovations.

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