Entrepreneurship Fundamentals Quiz

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A person who takes risks without considering the consequences
A business owner who invests resources and sets the direction to bring an idea to life (correct)
A person who maximizes revenue by defining the best options
A manager who coordinates different elements to attain defined goals

Focusing solely on profit without considering purpose or effort
Maximizing revenue by any means necessary
Avoiding risks and sticking to traditional business methods
Getting rid of an old, obsolete way to use a new way of doing business (correct)

<p>Turning an idea into a tangible business venture (D)</p> Signup and view all the answers

<p>Having a reasonable risk appetite and taking calculated risks (B)</p> Signup and view all the answers

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An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.

Creative Destruction is a concept in entrepreneurship that refers to the process of innovation and transformation that continuously renews the economy, where new businesses and products replace old ones.

One essential component of entrepreneurship involves systems thinking, which ensures that interdependent elements are in harmony to attain defined goals.

Bringing an idea to life means turning a concept into a tangible product, service, or experience, making it a reality.

A key characteristic of an entrepreneur is risk-taking, meaning they are willing to take calculated risks to pursue opportunities and drive innovation.