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Questions and Answers
What is entrepreneurship?
What is one of the reasons why entrepreneurship may increase during a period of high unemployment?
Why do people start a business?
What does financial freedom mean in the context of entrepreneurship?
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What is an entrepreneur?
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Which of the following is NOT a reason why people start a business?
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What is a critical role in the planning phase of entrepreneurship?
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Which activity is crucial for sourcing business financing?
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Which factor can lead to increased entrepreneurship?
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In the context of entrepreneurship, what is capital used for?
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What is one of the benefits of operating a business?
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Which of the following is a reason for establishing a business to achieve self-actualization?
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What is a key function of monitoring business operations?
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What is one goal of creating a product or service in entrepreneurship?
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Study Notes
Entrepreneurship
- Entrepreneurship is the process of identifying opportunities, allocating resources, and creating value through business ownership.
Reasons to Start a Business
- Create a product or service to satisfy customer demand.
- Create wealth, considered one of the greatest motivations for establishing a business.
- Gain financial freedom by having control over profits and paying oneself.
- Achieve self-actualization by starting and managing one's own business.
- Fully utilize skills and talents.
- Create employment opportunities.
- Contribute to economic growth and development.
Entrepreneur
- An entrepreneur is a person who identifies business opportunities and utilizes creativity while assuming risks to provide goods and services for customers.
Entrepreneurship
- Entrepreneurship is the process of identifying opportunities, allocating resources, and creating value through business ownership.
- Unemployment can lead to increased entrepreneurship due to economic conditions.
Reasons to Start a Business
- Create a product or service to satisfy customer demand.
- Create wealth, considered one of the greatest motivations for establishing a business.
- Gain financial freedom by having control over profits.
- Achieve self-actualization by turning a business idea into a reality.
- Fully utilize skills and talents.
- Create employment opportunities.
- Contribute to economic growth and development.
Entrepreneurial Role
- Conceptualization: coming up with a business idea.
- Planning: creating a business plan, a blueprint for the business structure.
- Sourcing business financing: acquiring capital to start a business venture.
- Organizing resources: deciding how to utilize capital and other resources.
- Monitoring business operations: supervising employees and correcting inefficiencies.
- Evaluating business performance: assessing the success of the business.
- Bearing risks: the owner assumes all risks.
- Profit and loss sharing decisions: deciding how to share profits among owners.
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Description
This quiz covers the basics of entrepreneurship, including the definition, importance of creating value, and motivations for starting a business. It also touches on unemployment rates and how they relate to entrepreneurship.
