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What is entrepreneurship?
Entrepreneurship refers to all activities carried out by a person to establish and run business enterprises according to changing social, political, and economic environments.
Why is entrepreneurship important for economic development?
Entrepreneurship plays a vital role in economic development by creating jobs, fostering innovation, and contributing to the overall dynamism of the economy.
What are the multiple functions covered by entrepreneurship?
Building organizations, providing self-employment, utilizing available resources, applying innovation, bringing together production factors, and identifying and exploiting business opportunities.
Which of the following is NOT a type of entrepreneur?
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Name one young entrepreneur in India under 30.
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What distinguishes an entrepreneur from a businessman?
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Who are innovative entrepreneurs?
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Which of the following is an example of an innovative entrepreneur?
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Study Notes
Introduction to Entrepreneurship and Innovation
- Entrepreneurship encompasses activities to establish and run businesses in varying social, political, and economic contexts.
- Involves understanding consumer preferences and behaviors to innovate and create business ventures that meet their expectations.
- Defined as the process of identifying, creating, and pursuing new business opportunities, involving financial risks for potential profits.
- Plays a crucial role in economic development by generating jobs, fostering innovation, and enhancing economic dynamism.
Characteristics of Entrepreneurship
- Exploits market opportunities through self-employment and the creation of new organizations.
- Requires potential entrepreneurs to seek investment opportunities for successful enterprise operations.
- Functions include:
- Building organizations
- Offering self-employment
- Utilizing available resources
- Applying innovation to new concepts
- Integrating factors of production effectively
- Identifying and exploiting business opportunities
Who is an Entrepreneur?
- Entrepreneurs detect and sense business opportunities in various scenarios and create new products using innovative production methods.
- They may begin as small business owners but can scale to larger operations after validation of their concepts.
- Successful entrepreneurs embrace risk and show creativity in managing profitability amidst challenges.
Young Entrepreneurs in India Under 30
- Notable young entrepreneurs include:
- Nikhil Kamath (Zerodha)
- Piyush Bansal (Lenskart)
- Richa Kar (Zivame)
- Bhavish Aggarwal (Ola)
- Sreelakshmi Suresh (eDesign Technologies)
- Byju Raveendran (BYJU'S)
- Vineeta Singh (Sugar Cosmetics)
- Kavita Shukla (The FRESHGLOW Co.)
- Falguni Nayar (Nykaa)
- Gaurav Munjal (Unacademy)
- Ritesh Agarwal (OYO Rooms)
- Kunal Shah (CRED)
Difference between Entrepreneur and Businessman
- Businessmen primarily operate within existing frameworks, while entrepreneurs seek to innovate and create new opportunities.
Types of Entrepreneurs (by Clarence H. Danhof)
- Innovative Entrepreneurs: Focus on introducing new ideas and invest heavily in R&D. Examples include Elon Musk and Mark Zuckerberg.
- Imitating Entrepreneurs: Often called "copycats," they replicate successful systems while improving existing deficiencies.
- Fabian Entrepreneurs: Show caution and are resistant to change, adopting new ideas only when absolutely necessary.
- Drone Entrepreneurs: Resistant to change and adhere strictly to established practices without innovation.
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Description
This quiz explores the foundational concepts of entrepreneurship and innovation as presented in Unit 1 of the PEM course. It covers essential activities and considerations for establishing and running business enterprises in various contexts.
