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Questions and Answers
Which term is commonly used to describe an individual who creates and/or invests in one or more businesses, bearing most of the risks and enjoying most of the rewards?
Which term is commonly used to describe an individual who creates and/or invests in one or more businesses, bearing most of the risks and enjoying most of the rewards?
- Innovator
- Entrepreneurship
- Entrepreneur (correct)
- Small business owner
What is the process of designing, launching, and running a new business often referred to as?
What is the process of designing, launching, and running a new business often referred to as?
- Entrepreneurship (correct)
- Business venture
- Innovation
- Small business management
How is entrepreneurship viewed in terms of change and risk?
How is entrepreneurship viewed in terms of change and risk?
- Change without risk
- No change or risk involved
- Change with minimal risk
- Change with risk beyond what is normally encountered in starting a business (correct)
What is the creation or extraction of economic value referred to as?
What is the creation or extraction of economic value referred to as?
Which term describes the capacity and willingness to develop, organize, and manage a business venture along with any of its risks to make a profit?
Which term describes the capacity and willingness to develop, organize, and manage a business venture along with any of its risks to make a profit?
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Study Notes
Entrepreneurship Basics
- 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.
Starting a New Business
- The process of designing, launching, and running a new business is often referred to as entrepreneurship.
Risk and Change
- Entrepreneurship is viewed as a process that involves change and risk.
Creating Economic Value
- The creation or extraction of economic value is referred to as entrepreneurship.
Entrepreneurial Capacity
- Entrepreneurship describes the capacity and willingness to develop, organize, and manage a business venture along with any of its risks to make a profit.
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