Entrepreneurship Quiz

An entrepreneur is a person who establishes their own business or industrial undertaking with the aim of making a profit.

J.A. Schumpeter defined an entrepreneur as 'A person who introduces innovative change and is an integral part of economic growth.'

Webster defines an entrepreneur as 'One who assumes risk and management.'

<p>The text mentions theories of entrepreneurship and types of entrepreneur.</p> Signup and view all the answers

<p>The text mentions the entrepreneurial process and the traits of an entrepreneur.</p> Signup and view all the answers

<p>Entrepreneurial characteristics are the personal qualities and traits that an entrepreneur possesses, such as creativity, risk-taking, and passion. These characteristics are essential for successful entrepreneurship as they drive innovation, decision-making, and leadership within a business or industrial undertaking.</p> Signup and view all the answers

<p>The text mentions various theories of entrepreneurship, including the innovation theory, opportunity-based theory, and resource-based theory. These theories provide different perspectives on the factors driving entrepreneurial activities and the opportunities available to entrepreneurs.</p> Signup and view all the answers

<p>Entrepreneurs play a crucial role in driving economic growth, innovation, and job creation within the entrepreneurial environment. Their ability to identify and capitalize on opportunities, take calculated risks, and introduce innovative changes contributes significantly to the development of industries and the overall economy.</p> Signup and view all the answers

<p>The causes of business combination include strategic expansion, synergy creation, and market consolidation. The objectives involve achieving economies of scale, diversification, and increased market power. These combinations can take the form of mergers, takeovers, or acquisitions.</p> Signup and view all the answers

<p>J.A. Schumpeter defines an entrepreneur as a person who introduces innovative change and considers them an integral part of economic growth. This definition emphasizes the entrepreneurial role in driving economic progress through the introduction of new ideas, products, and processes.</p> Signup and view all the answers