Podcast
Questions and Answers
How do entrepreneurs primarily create change, according to one definition?
How do entrepreneurs primarily create change, according to one definition?
- By exclusively focusing on managing existing resources without seeking improvement.
- By identifying and seizing opportunities arising from needs, wants, problems, and challenges. (correct)
- By disregarding the needs of people and focusing solely on financial gains.
- By avoiding problems and challenges completely.
What key activity defines an entrepreneur's role in resource management and development?
What key activity defines an entrepreneur's role in resource management and development?
- Developing and managing resources to exploit opportunities and create a profitable venture. (correct)
- Avoiding risk by using only well-established resources.
- Exploiting resources quickly for immediate profit, regardless of long-term consequences.
- Maintaining the original value of resources without alteration.
How does an entrepreneur increase the value of resources, labor, and materials?
How does an entrepreneur increase the value of resources, labor, and materials?
- By combining them in ways that yield greater value than their original state. (correct)
- By isolating resources to prevent them from being used by competitors.
- By using resources in their simplest form to avoid complexity.
- By undervaluing these assets to reduce production costs.
Beyond just creating new things, what role do entrepreneurs play in the evolution of systems?
Beyond just creating new things, what role do entrepreneurs play in the evolution of systems?
From an economist's perspective, what risk is inherently involved when an entrepreneur starts a new business?
From an economist's perspective, what risk is inherently involved when an entrepreneur starts a new business?
How do entrepreneurs contribute to society beyond just creating businesses?
How do entrepreneurs contribute to society beyond just creating businesses?
What is the primary focus of an entrepreneur when recognizing opportunities?
What is the primary focus of an entrepreneur when recognizing opportunities?
Why is managing resources crucial for an entrepreneur?
Why is managing resources crucial for an entrepreneur?
In what way does an entrepreneur's work with resources directly impact their value?
In what way does an entrepreneur's work with resources directly impact their value?
What is the ultimate aim of an entrepreneur when combining resources, labor, and materials?
What is the ultimate aim of an entrepreneur when combining resources, labor, and materials?
How can an entrepreneur’s involvement in initiating a business be best characterized from an economist’s standpoint?
How can an entrepreneur’s involvement in initiating a business be best characterized from an economist’s standpoint?
What action best embodies the entrepreneurial spirit within a community?
What action best embodies the entrepreneurial spirit within a community?
When aiming to identify new business opportunities, what qualities enable an entrepreneur to succeed the most?
When aiming to identify new business opportunities, what qualities enable an entrepreneur to succeed the most?
What role specifically falls under an entrepreneur's responsibility in the successful creation of lasting business ventures?
What role specifically falls under an entrepreneur's responsibility in the successful creation of lasting business ventures?
How do entrepreneurs typically affect the worth or utility of resources through their actions?
How do entrepreneurs typically affect the worth or utility of resources through their actions?
When unifying diverse instruments, what's the main goal of an entrepreneur?
When unifying diverse instruments, what's the main goal of an entrepreneur?
From an economic point of view, how does one describe the initiation of a new business?
From an economic point of view, how does one describe the initiation of a new business?
How does entrepreneurial drive benefit society at large?
How does entrepreneurial drive benefit society at large?
What attribute most enables an entrepreneur to spot and leverage viable new enterprise prospects?
What attribute most enables an entrepreneur to spot and leverage viable new enterprise prospects?
What is a key action that epitomizes an entrepreneur's dedication to initiating and sustaining business ventures?
What is a key action that epitomizes an entrepreneur's dedication to initiating and sustaining business ventures?
Flashcards
Entrepreneur (definition 1)
Entrepreneur (definition 1)
Someone who creates and manages change by identifying opportunities, developing people, and managing resources to create a venture.
Entrepreneur (definition 2)
Entrepreneur (definition 2)
Someone who combines resources to increase their value and introduces changes and innovations.
Entrepreneur (economist's view)
Entrepreneur (economist's view)
Someone who creates and runs a business, taking on risk.
Risk
Risk
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Study Notes
- Eston Kimani, MIT defines an entrepreneur as someone who creates and manages change by recognizing opportunities, develops people, and manages resources to take advantage of opportunities and create a profitable business venture.
- An entrepreneur brings resources, labor, materials, and other assets into combinations that increase their value.
- They introduce changes, innovations, and a new order.
- From an economist's perspective, an entrepreneur creates and runs a business.
- When an entrepreneur starts a new business, risk is involved.
- Risk is the chance of losing something.
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