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Introduction to Entrepreneurship Lecture 1

10 Questions

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Introduction to Entrepreneurship Lecture 1

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Questions and Answers

What are the two aspects of entrepreneurship?

Innovative and traditional

Artistic and cultural

Scientific and artistic (correct)

Scientific and financial

What is the primary goal of an entrepreneur?

To manage a business without taking risks

To take risks to pursue profits (correct)

To create new enterprises without innovation

To innovate for innovation's sake

What are the essential characteristics of an entrepreneur?

Cautious, artistic, and financially secure

Conservative, traditional, and financially savvy

Risk taker, innovative, and possessing business acumen (correct)

Risk averse, innovative, and traditional

What is the outcome of a successful entrepreneurial venture?

Profit and growth Signup and view all the answers

What does an entrepreneur do to meet market needs?

Combines community expertise and resources in new ways Signup and view all the answers

What is the main difference between an entrepreneur and entrepreneurship?

An entrepreneur is a person, while entrepreneurship is a process Signup and view all the answers

What are the four phases of the entrepreneurial process according to Nieman, Hough, and Nieuwenhuizen (2003)?

Not specified in the text Signup and view all the answers

What is involved in the entrepreneurial process?

All functions, activities, and actions involved in identifying opportunities and establishing organizations Signup and view all the answers

What is the outcome of the entrepreneurial process?

A new business venture Signup and view all the answers

What is a key characteristic of an entrepreneur?

A person who takes chances in life Signup and view all the answers

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).

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Description

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.