Entrepreneurship Quiz

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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?

  • Innovator
  • Entrepreneurship
  • Entrepreneur (correct)
  • Small business owner

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?

  • 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?

<p>Entrepreneurship (C)</p> Signup and view all the answers

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?

<p>Entrepreneurship (B)</p> Signup and view all the answers

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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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