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Questions and Answers

What does entrepreneurship encompass beyond starting or operating a business?

  • Only financial opportunities.
  • Just innovative thought.
  • Social and cultural contexts. (correct)
  • The planning and management of businesses. (correct)

Which aspect is NOT implied to be part of entrepreneurship based on the provided definitions?

  • Involves innovation.
  • Provides financial opportunities.
  • Is a dynamic social process.
  • Requires sole ownership of a business. (correct)

What distinguishes the second definition of entrepreneurship from the first?

  • Inclusion of innovation and other areas. (correct)
  • Focus on establishing new enterprises.
  • Emphasis on profit generation only.
  • Limited to financial contexts only.

Which of the following statements best captures the dynamic nature of entrepreneurship?

<p>Entrepreneurship involves continual opportunity identification and action. (C)</p> Signup and view all the answers

How do the provided definitions view the impact of entrepreneurship?

<p>It positively influences economic well-being and sustainability. (A)</p> Signup and view all the answers

What does the term 'entrepreneur' originate from?

<p>A French word meaning 'to undertake' (A)</p> Signup and view all the answers

What is a defining characteristic of a small business?

<p>It operates with a relatively low volume of sales (A)</p> Signup and view all the answers

Which of the following best describes the primary objective of a business?

<p>To make a profit from the sale of goods or services (D)</p> Signup and view all the answers

How have developing countries approached small business growth?

<p>By establishing policies and tax incentives (D)</p> Signup and view all the answers

Which of the following is NOT a common element found in business definitions?

<p>The business must always employ more than ten people (D)</p> Signup and view all the answers

What is one of the roles that entrepreneurship plays in society?

<p>It contributes to economic growth (B)</p> Signup and view all the answers

What is entrepreneurship primarily about?

<p>Creating or establishing a business (B)</p> Signup and view all the answers

What characteristic is typically associated with an entrepreneur?

<p>Willingness to take risks (A)</p> Signup and view all the answers

Flashcards

Entrepreneurship

The process of creating or establishing a business.

Entrepreneur

A person who establishes or runs a business, often in a novel way.

Business

An organization intended to make profit by selling goods or services.

Small Business

A privately owned business with few employees and limited sales volume.

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Entreprise

A business or undertaking, often large and complex.

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Profit

The financial gain from a business activity.

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Entrepreneurship: Core Concept

Entrepreneurship is a dynamic, social process where individuals or groups identify financial opportunities and launch new ventures.

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Entrepreneurship vs. Business

Entrepreneurship encompasses more than just starting a business. It involves innovation and potentially other areas (cultural, social, etc.) of impact, not just financial return.

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Entrepreneurship: Science & Art

Entrepreneurship combines scientific planning and management with artistic innovation, implementation and growth.

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Entrepreneurial Impact

Entrepreneurship has an impact on individuals (creators), financials (opportunities), and economic well-being of society. It often requires innovation.

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Entrepreneurship: Dynamic Process

Entrepreneurship is based on constant evolution and change, not fixed strategies or single goal.

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First Definition Focus

The first definition focuses primarily on establishing new businesses (enterprises) for profitability.

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Second Definition Expansion

The second definition of entrepreneurship broadens the scope by including innovation and impact in social, cultural, and financial contexts.

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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.
  • 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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Entrepreneurship Lecture 1 PDF

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