Podcast
Questions and Answers
What does entrepreneurship encompass beyond starting or operating a business?
What does entrepreneurship encompass beyond starting or operating a business?
Which aspect is NOT implied to be part of entrepreneurship based on the provided definitions?
Which aspect is NOT implied to be part of entrepreneurship based on the provided definitions?
What distinguishes the second definition of entrepreneurship from the first?
What distinguishes the second definition of entrepreneurship from the first?
Which of the following statements best captures the dynamic nature of entrepreneurship?
Which of the following statements best captures the dynamic nature of entrepreneurship?
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How do the provided definitions view the impact of entrepreneurship?
How do the provided definitions view the impact of entrepreneurship?
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What does the term 'entrepreneur' originate from?
What does the term 'entrepreneur' originate from?
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What is a defining characteristic of a small business?
What is a defining characteristic of a small business?
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Which of the following best describes the primary objective of a business?
Which of the following best describes the primary objective of a business?
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How have developing countries approached small business growth?
How have developing countries approached small business growth?
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Which of the following is NOT a common element found in business definitions?
Which of the following is NOT a common element found in business definitions?
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What is one of the roles that entrepreneurship plays in society?
What is one of the roles that entrepreneurship plays in society?
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What is entrepreneurship primarily about?
What is entrepreneurship primarily about?
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What characteristic is typically associated with an entrepreneur?
What characteristic is typically associated with an entrepreneur?
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Study Notes
Entrepreneurship Lecture 1
- Entrepreneurship is not necessarily for everyone.
- Individuals need to assess if their business idea is viable.
- Entrepreneurship involves understanding the nature of entrepreneurship, distinguishing it from an enterprise, and recognizing its societal role.
- Entrepreneurship involves the characteristics of an entrepreneur.
Business Defined
- A business aims to make a profit through selling goods or services.
- A business is an entity, whether private or public, providing goods and services to customers.
- A business functions within an economic system, exchanging goods/services for money.
- Investment and a customer base are necessary for consistent profit.
Common Business Elements
- Businesses sell products or services.
- The goal of any business is to profit.
- All businesses cater to customers with specific needs and wants.
- Businesses need a sound financial foundation.
- A potential entrepreneur often starts with a small business, aiming for growth.
Small Business
- A privately-owned business, typically with a limited employee count and sales volume.
- Small businesses often take the form of corporations, partnerships, or sole proprietorships.
Entrepreneurship Defined
- A typical understanding of entrepreneurship involves creating or establishing a business.
- Entrepreneurship is more complex than just running a business; it encompasses innovation.
- Entrepreneurship is a dynamic, social process.
- Individuals collaboratively identify and act on financial opportunities to create new enterprises.
Entrepreneurship (Continued)
- Entrepreneurship is a science and an art.
- The scientific aspect is creating a well-planned and managed business.
- The art of entrepreneurship involves innovation, implementation, and growth in the business.
Defining Entrepreneurship
- Entrepreneurship involves identifying financial opportunities and creating new enterprises.
- Successful entrepreneurship requires more than just a successful business, but also sustainability.
- Modern entrepreneurship actively seeks innovation and involves social, cultural & financial aspects.
Most Popular Entrepreneurial Projects
- Examples of popular entrepreneurial projects like Microsoft, Facebook, Vezeeta and Uber were listed.
Key Characteristics of Entrepreneurship
- Impacts individuals
- Provides financial opportunities
- Strengthens the economic well-being of society
- Demands innovation
- Is a dynamic process
Differences in Definitions of Entrepreneurship
- The first view of entrepreneurship focuses on establishing new businesses.
- The second broadens the concept, adding innovation and broader social/cultural/financial contexts.
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