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Entrepreneurship Development Quiz

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Questions and Answers

What are the key elements that contribute to successful entrepreneurial development?

The key elements include innovation, risk-taking, strategic planning, and resource management.

How does access to funding impact entrepreneurial development?

Access to funding allows entrepreneurs to invest in resources, expand operations, and pursue new market opportunities.

Why is market research important for entrepreneurs?

Market research helps entrepreneurs identify customer needs, assess competition, and make informed decisions.

What role does networking play in entrepreneurial development?

<p>Networking provides entrepreneurs with valuable contacts, mentorship, and potential customers.</p> Signup and view all the answers

How can entrepreneurs foster innovation within their business?

<p>Entrepreneurs can foster innovation by encouraging creativity, investing in research and development, and staying open to new ideas.</p> Signup and view all the answers

Flashcards

Entrepreneurial Development

The process of nurturing and enhancing entrepreneurial abilities in individuals and communities.

Entrepreneurial skills

Abilities needed to identify opportunities, innovate, make decisions, and manage resources to create something new.

Entrepreneurial mindset

A way of thinking that values taking risks, adapting to changes, and pursuing opportunities.

Innovation

Creating something new or significantly improving existing things.

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Opportunity identification

The ability to spot potential markets and unmet needs.