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Questions and Answers
Which statement best describes the nature of entrepreneurship as an art?
Which statement best describes the nature of entrepreneurship as an art?
- Entrepreneurship is dynamic and evolves with economic changes. (correct)
- Entrepreneurship follows strict, unchanging rules.
- Entrepreneurship is static and predictable.
- Entrepreneurship is solely based on financial gain.
What is the primary goal of an entrepreneurial venture?
What is the primary goal of an entrepreneurial venture?
- To employ as many people as possible.
- To solely focus on maximizing profit margins.
- To minimize costs without regard for quality.
- To create wealth by providing valuable goods and services. (correct)
What should an entrepreneur avoid selling to consumers?
What should an entrepreneur avoid selling to consumers?
- Waste products that don't provide value. (correct)
- Goods with high market demand.
- Valuable goods and services that exceed the cost paid.
- Innovative products that are costly to produce.
Which aspect is NOT a requirement for an entrepreneurial venture?
Which aspect is NOT a requirement for an entrepreneurial venture?
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What is a key characteristic of risk in entrepreneurship?
What is a key characteristic of risk in entrepreneurship?
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Study Notes
Salient Features of Entrepreneurship
- Entrepreneurship embodies the art of implementing effective practices, adapting to constant changes in the economic, political, social, and entrepreneurial landscapes.
- It is a wealth-creating venture where profit represents the surplus income after costs and expenses, and wealth is defined as an abundance of money, property, or possessions resulting from successful business activities.
- Entrepreneurs deliver valuable goods and services, aiming to ensure that consumers perceive greater benefits than the costs they incur, avoiding selling unworthy products.
- Operating a self-owned enterprise is crucial; entrepreneurs must manage their businesses and establish clear long-term goals, planning for growth and sustainability over five to ten years.
- The inherent nature of entrepreneurship involves risk-taking, particularly business risk, which must be acknowledged and managed for the venture's success.
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