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Questions and Answers
Who coined the term 'entrepreneur'?
According to the content, what is the primary focus of entrepreneurship?
What role does Joseph Schumpeter attribute to the entrepreneur in the economy?
Which economist is associated with identifying arbitrage opportunities?
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What does entrepreneurial activity primarily promote, as indicated by the content?
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What does Peter Drucker believe about entrepreneurship?
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Who is credited with the idea that entrepreneurship involves the shifting of economic resources?
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Which year did Jean Baptiste Say contribute to the concept of entrepreneurship?
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What aspect of entrepreneurship did Carl Menger emphasize?
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What is the significance of entrepreneurship starting in France post-revolution?
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Which statement aligns with the correct understanding of entrepreneurship according to the provided content?
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In the context of entrepreneurship, what does the term 'productivity' refer to?
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What misconception about entrepreneurship does Peter Drucker aim to clarify?
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What does Joseph Schumpeter suggest as a defining aspect of entrepreneurship?
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According to Jeffrey Timmons, what is a key characteristic of entrepreneurship?
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What is Peter Drucker's definition of entrepreneurship?
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Which statement best describes the pursuit of opportunity in entrepreneurship according to Schumpeter?
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How does the concept of entrepreneurship as defined by the texts relate to innovation?
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What are the four major dimensions involved in the process of innovation and new venture creation?
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Which collaborative networks support the process of innovation and new venture creation?
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Which of the following options is NOT one of the major dimensions of innovation and new venture creation?
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Which dimension focuses on the context in which new ventures are created?
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What role do collaborative networks play in innovation and new venture creation?
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What is required for successful entrepreneurship, as highlighted in the content?
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Which of the following risks are associated with entrepreneurship?
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What are the primary rewards of entrepreneurship claimed in the content?
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What does the entrepreneurial process involve according to the provided information?
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Which statement best describes the nature of independence in entrepreneurship?
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Study Notes
Entrepreneurship
- Jean Baptiste Say coined the term entrepreneur in 1800
- Entrepreneurship can be defined as "the shifting of economic resources out of an area of lower and into higher productivity and greater yield."
- Joseph Schumpeter described entrepreneurship as "the finding and promoting new combinations of productive factors."
- The entrepreneurial spirit promotes doing something different (new) rather than making the existing better.
- Harvey Liebenstein contributed to entrepreneurial thought in 1970 by defining entrepreneurship as the reduction of organizational inefficiency.
- Israel Kirzner defined entrepreneurship in 1975 as the identification of arbitrage opportunities.
- Entrepreneurship can be seen as a dynamic disquilibria brought about by the innovative entrepreneur that brings a healthy shake-up to the economy.
- Peter Drucker, a management guru, said that entrepreneurship is a discipline that can be learned.
Entrepreneurship Through History
- Entrepreneurship started in France after the French Revolution as a new economic entity, centered on a novel product or service.
- Carl Menger contributed to 1871 by defining Entrepreneurship as involves in obtaining information, calculation, an act of will and supervision.
- Entrepreneurship is a discipline that can be learned and has nothing to do with genes.
Key Contributors to Entrepreneurship:
- Joseph Schumpeter: 1910, 1934 - Defined entrepreneurship as the promotion of new combinations of productive factors and the pursuit of opportunity.
- Harvey Liebenstein: 1970 - Reduction of organizational inefficiency.
- Israel Kirzner: 1975 - Identification of arbitrage opportunities.
- Howard Stevenson: 1992 - The pursuit of opportunity beyond the resources currently under one's control.
- Jeffrey Timmons: 1994 - The ability to create and build a vision from practically nothing.
- Peter Drucker: 1998 - Starting one's own, new and small business, innovation, and new venture creation.
- Robert Hisrich: 2001 - Involves the creation process, requires devotion of time and effort, assumes financial, psychic, and social risks and receives rewards of monetary and personal satisfaction and independence.
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Description
Explore the key concepts of entrepreneurship as defined by influential thinkers like Jean Baptiste Say and Joseph Schumpeter. This quiz covers the evolution of entrepreneurial thought, including definitions and contributions from various economists. Test your knowledge on the dynamics and importance of entrepreneurship in economic theory.
