Entrepreneurship vs Business Quiz
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Questions and Answers

What is entrepreneurship?

  • The process of copying existing ideas to make a profit
  • The backbone of an emerging economy (correct)
  • A method to generate less wealth through low-risk ventures
  • A concept focused on competition rather than cooperation

    • What is the primary goal of entrepreneurship?

  • To copy existing concepts
  • To generate more wealth (correct)
  • To focus on competition rather than cooperation
  • To make a profit through low-risk ventures

    • Who is considered the 'Father of Modern Management'?

  • Joseph Schumpeter
  • An entrepreneur focused on profit
  • A Former Finance Minister of German Austria
  • Peter Drucker (correct)

    • Which individual introduced the economic significance of entrepreneurship?

    <p>Joseph Schumpeter</p> Signup and view all the answers

    What role does innovation play in entrepreneurship according to the text?

    <p>It is the instrument for entrepreneurship driving wealth creation</p> Signup and view all the answers

    How does the text differentiate between Entrepreneurship and Business?

    <p>Entrepreneurship generates more wealth, while business generates less wealth</p> Signup and view all the answers

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