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Significance of Entrepreneurial Development in Economic Growth

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Significance of Entrepreneurial Development in Economic Growth

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Questions and Answers

What is the origin of the word 'entrepreneur'?

Derived from the English word 'enterprise'

Derived from the German word 'unternehmen'

Derived from the French word 'entreprendre' meaning to undertake (correct)

Derived from the Spanish word 'emprendedor'

Who was the first economist to introduce the term 'entrepreneur'?

Alfred Marshall

Adam Smith

John Maynard Keynes

Richard Cantillon (correct)

According to J.A. Schumpeter, what defines an entrepreneur?

Someone who introduces innovative changes and is integral to economic growth (correct)

A professional risk-assessment consultant

An individual who manages existing businesses effectively

A person who invests in well-established companies

Which characteristic is highlighted as essential for a successful entrepreneur?

Willingness to work hard Signup and view all the answers

In which century did the term 'entrepreneur' become associated with persons starting their own enterprises?

18th century Signup and view all the answers

How were Frenchmen undertaking military expeditions referred to in the 16th century?

'Entrepreneurs' Signup and view all the answers

What characteristic is described as the most important for an entrepreneur?

Achievement motivation Signup and view all the answers

What quality does an entrepreneur exhibit by having the capacity to visualize future market changes?

Keen foresight Signup and view all the answers

What does an entrepreneur with high achievement motivation do?

Expect favorable situations for his business Signup and view all the answers

What is a key characteristic of a successful entrepreneur relating to decision-making?

Self-reliance and independence Signup and view all the answers

What quality does an entrepreneur need to have to overcome obstacles and devise plans for success?

Achievement motivation Signup and view all the answers

What does the text emphasize an entrepreneur should always initiate to cater to customer demands?

Innovative activities Signup and view all the answers