Podcast
Questions and Answers
Business is primarily a(n) _____________________ activity.
Business is primarily a(n) _____________________ activity.
An entrepreneur’s primary aim is only to earn a profit.
An entrepreneur’s primary aim is only to earn a profit.
False
List three businesses you see around you and describe what each business does.
List three businesses you see around you and describe what each business does.
Answers will vary but should include specific businesses and descriptions of their operations.
Savita makes refreshing __________ and samosas to sell to students.
Savita makes refreshing __________ and samosas to sell to students.
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Match the following individuals with their entrepreneurial activities:
Match the following individuals with their entrepreneurial activities:
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What quality is essential for an entrepreneur when facing failures?
What quality is essential for an entrepreneur when facing failures?
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An entrepreneur should avoid taking risks to ensure business stability.
An entrepreneur should avoid taking risks to ensure business stability.
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What did Sushma do when her toys were not selling?
What did Sushma do when her toys were not selling?
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An entrepreneur should be open to _____ and experiment with different ideas.
An entrepreneur should be open to _____ and experiment with different ideas.
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Match the entrepreneurial qualities with their descriptions:
Match the entrepreneurial qualities with their descriptions:
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Study Notes
Introduction to Entrepreneurship
- Business is an economic activity focused on producing and distributing goods/services to satisfy wants.
- Businesses can be for-profit or non-profit organizations.
- A gap between needed goods/services and those available offers an opportunity for entrepreneurs to fill.
- Entrepreneurs are self-employed individuals who take calculated risks and bring new ideas to business.
- Not all self-employed individuals are entrepreneurs; a shopkeeper isn't one unless he/she introduces a new method or idea to the business.
Session 1: What is Entrepreneurship?
- Individuals buy goods and services from various shops near their homes.
- Sellers may work for themselves or for a larger company.
- Entrepreneurs create value by introducing new product varieties, services (like home delivery), and marketing ideas.
- An enterprise is a bold project to fulfill the needs of the community/society.
- Sowmya, an entrepreneur, started a healthy snack business to support her family and college studies.
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Description
This quiz covers the fundamentals of entrepreneurship, including the roles and characteristics of entrepreneurs and their businesses. It explores the differences between for-profit and non-profit organizations and how entrepreneurs create value in the market. Test your knowledge on what defines a successful entrepreneur and their impact on society.
