Entrepreneurship Quiz

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Questions and Answers

Match the following definitions with their corresponding terms:

Economic value creation = Entrepreneurship Risk-taking = Entrepreneur New idea generation = Innovator New business setup process = Business Venture

Match the following terms with their definitions:

Entrepreneurship = The creation or extraction of economic value in ways that generally entail beyond the minimal amount of risk Entrepreneur = An individual who creates and/or invests in one or more businesses, bearing most of the risks and enjoying most of the rewards Innovator = A source of new ideas, goods, services, and business/or procedures Business Venture = The process of designing, launching and running a new business, which is often similar to a small business

Match the following characteristics with their related concepts:

Value creation beyond minimal risk = Entrepreneurship Capacity and willingness to manage business risks = Entrepreneur Source of new goods and services = Innovator Launching and running a new business = Business Venture

Match the following terms with their attributes:

<p>Business creation and economic value extraction = Entrepreneurship Risk-bearing and reward-enjoying individual = Entrepreneur Provider of new business ideas and procedures = Innovator Process similar to small business setup = Business Venture</p> Signup and view all the answers

Match the following concepts with their associated roles:

<p>Value creation and risk-taking = Entrepreneurship Business organizer and risk manager = Entrepreneur Innovative idea generator = Innovator New business initiator and runner = Business Venture</p> Signup and view all the answers

Define entrepreneurship and the role of an entrepreneur.

<p>Entrepreneurship is the creation or extraction of economic value with some level of risk, and potentially involving values besides simply economic ones. An entrepreneur is an individual who creates and/or invests in one or more businesses, bearing most of the risks and enjoying most of the rewards.</p> Signup and view all the answers

What is the process of setting up a business known as?

<p>The process of setting up a business is known as 'entrepreneurship'.</p> Signup and view all the answers

How is entrepreneurship commonly seen and defined?

<p>Entrepreneurship is commonly seen as the process of designing, launching, and running a new business, often similar to a small business, or as the capacity and willingness to develop, organize, and manage a business venture along with any of its risks to make a profit.</p> Signup and view all the answers

Who are the people referred to as 'entrepreneurs'?

<p>The people who create businesses and invest in them are often referred to as 'entrepreneurs'.</p> Signup and view all the answers

What is a more narrow definition of entrepreneurship?

<p>A more narrow definition of entrepreneurship is the process of designing, launching, and running a new business, which is often similar to a small business, or as the capacity and willingness to develop, organize, and manage a business venture along with any of its risks to make a profit.</p> Signup and view all the answers

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Study Notes

Entrepreneurship and Entrepreneurs

  • Entrepreneurship is the process of setting up a business.
  • An entrepreneur is a person who sets up a business, taking on financial and operational risks in the pursuit of profit.
  • Entrepreneurship is commonly seen as the process of designing, launching, and running a new business or venture.
  • Entrepreneurs are individuals who create and operate new businesses, often taking calculated risks to pursue opportunities.
  • A more narrow definition of entrepreneurship focuses on the creation of new organizations or ventures that are innovative, risky, and value-creating.

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