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:

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 Signup and view all the answers

Match the following concepts with their associated roles:

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

Define entrepreneurship and the role of an entrepreneur.

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. Signup and view all the answers

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

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

How is entrepreneurship commonly seen and defined?

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. Signup and view all the answers

Who are the people referred to as 'entrepreneurs'?

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

What is a more narrow definition of entrepreneurship?

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. 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.