10 Questions
What are the two aspects of entrepreneurship?
Scientific and artistic
What is the primary goal of an entrepreneur?
To take risks to pursue profits
What are the essential characteristics of an entrepreneur?
Risk taker, innovative, and possessing business acumen
What is the outcome of a successful entrepreneurial venture?
Profit and growth
What does an entrepreneur do to meet market needs?
Combines community expertise and resources in new ways
What is the main difference between an entrepreneur and entrepreneurship?
An entrepreneur is a person, while entrepreneurship is a process
What are the four phases of the entrepreneurial process according to Nieman, Hough, and Nieuwenhuizen (2003)?
Not specified in the text
What is involved in the entrepreneurial process?
All functions, activities, and actions involved in identifying opportunities and establishing organizations
What is the outcome of the entrepreneurial process?
A new business venture
What is a key characteristic of an entrepreneur?
A person who takes chances in life
Study Notes
Introduction to Entrepreneurship
- Entrepreneurship combines scientific and artistic aspects, involving established business processes and innovative thinking.
- There are two definitions of entrepreneurship:
- Creating new enterprises as a means of doing business
- Incorporating innovation, social, cultural, and financial factors into business ventures
Who is an Entrepreneur?
- An entrepreneur is defined as someone who undertakes innovations, finance, and business acumen to transform ideas into economic goods.
- Alternatively, an entrepreneur is someone who takes risks, combines community resources, and produces products and services for the market.
- An entrepreneur must be a risk-taker, innovative, possess business acumen, and see potential opportunities in the community.
The Entrepreneurial Process
- The entrepreneurial process involves a structured series of steps to establish and execute a new business venture.
- It encompasses all functions, activities, and actions involved in identifying opportunities and establishing organizations to pursue them.
- The entrepreneurial process can be broken down into four phases, according to Nieman, Hough, and Nieuwenhuizen (2003).
This quiz introduces the concept of entrepreneurship, covering its scientific and artistic aspects, business planning, and management. It defines entrepreneurship and its role in creating new enterprises.
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