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Understanding Entrepreneurs

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Questions and Answers

What is the origin of the term 'entrepreneur'?

Italian word meaning 'to invest'

Spanish word meaning 'to risk'

French word meaning 'to undertake' (correct)

German word meaning 'to innovate'

Which type of entrepreneurs introduce innovations but their contributions are minimal and attract few competitors?

Microentrepreneurs (correct)

Megaentrepreneurs

Serial entrepreneurs

Social entrepreneurs

What distinguishes megaentrepreneurs from microentrepreneurs?

Size of the company

Number of competitors attracted

Speed at which value is added

Amount of value created (correct)

What characteristic do both megaentrepreneurs and microentrepreneurs share?

Starting businesses based on presented opportunities Signup and view all the answers

How does Peter Drucker emphasize the process of starting and managing a business?

'Discipline' in the process Signup and view all the answers

What is a common characteristic between megaentrepreneurs and microentrepreneurs according to the text?

'Innovations' introduced by them Signup and view all the answers

What is the main focus of the entrepreneurial process of 'Discovery'?

Recognizing new business opportunities Signup and view all the answers

How do megaentrepreneurs typically source their business ideas?

From current inventions and technological developments Signup and view all the answers

What does the 'Development of concept' stage in the entrepreneurial process involve?

Preparing a detailed business plan Signup and view all the answers

In the entrepreneurial process, what is the purpose of 'Organizing resources'?

Identifying and financing necessary resources Signup and view all the answers

What activities are covered under the 'Implementation' phase of the entrepreneurial process?

Managing human, physical, technological, and financial resources Signup and view all the answers

What is the primary focus of 'Reaping the returns' in the entrepreneurial process?

Expanding the business firm Signup and view all the answers