Podcast
Questions and Answers
Which of the following is NOT considered a primary factor of production as mobilized by entrepreneurs?
Which of the following is NOT considered a primary factor of production as mobilized by entrepreneurs?
- Land, encompassing natural resources.
- Capital, referring to financial resources.
- Technology, enabling efficient processes. (correct)
- Labour, representing human resources.
An entrepreneur's role in society primarily involves which action regarding resources?
An entrepreneur's role in society primarily involves which action regarding resources?
- Distributing resources equally among all citizens.
- Conserving existing resources to prevent depletion.
- Controlling resource allocation through government policies.
- Mobilizing resources in novel ways to meet societal needs. (correct)
How does entrepreneurship contribute to economic environments, according to the information provided?
How does entrepreneurship contribute to economic environments, according to the information provided?
- By creating value from resources in dynamic environments. (correct)
- By focusing solely on profit maximization.
- By maintaining the status quo and avoiding risks.
- By adhering strictly to traditional business models.
What is identified as a key characteristic associated with successful entrepreneurship?
What is identified as a key characteristic associated with successful entrepreneurship?
Which potential outcome is identified as a 'punishment' for entrepreneurs making poor business decisions?
Which potential outcome is identified as a 'punishment' for entrepreneurs making poor business decisions?
What combination of traits is commonly associated with entrepreneurs?
What combination of traits is commonly associated with entrepreneurs?
Which statement aligns with the typical attitude of an entrepreneur towards challenges?
Which statement aligns with the typical attitude of an entrepreneur towards challenges?
What role is identified for various sectors of society in relation to entrepreneurship and community development?
What role is identified for various sectors of society in relation to entrepreneurship and community development?
What is the likely impact on employment opportunities when an economy experiences a period of no growth?
What is the likely impact on employment opportunities when an economy experiences a period of no growth?
Considering the different types of 'preneurs' mentioned, which one specifically operates primarily in the digital space?
Considering the different types of 'preneurs' mentioned, which one specifically operates primarily in the digital space?
Flashcards
What is Entrepreneurship?
What is Entrepreneurship?
A factor that mobilizes land, capital, and labor to meet societal needs and wants.
Land
Land
Natural resources.
Capital
Capital
Financial resources.
Labour
Labour
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Factors of Production
Factors of Production
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Entrepreneurship Definition
Entrepreneurship Definition
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Key Factor of Entrepreneurship
Key Factor of Entrepreneurship
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Entrepreneur's Reward
Entrepreneur's Reward
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Entrepreneur's Punishment
Entrepreneur's Punishment
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Entrepreneur Traits
Entrepreneur Traits
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Study Notes
What is Entrepreneurship?
- A factor that mobilizes land, capital, and labor
- Tackles these resources in different combinations to meet the needs and wants of society
- Land is natural resources
- Capital is financial resources
- Labour represents human resources
- Land, capital, and labour are factors of production
Entrepreneurship as a Process
- A continuous process in dynamic environments
- Entails creating and building something of value from resources
- It involves risking finances with sustained effort for success
Key Factors
- A key factor is the obstinance to succeed
Rewards and Punishments
- An entrepreneur's reward is profit
- An entrepreneur's punishment for making wrong decisions is financial loss, reputational loss, and potentially a sense of failure
Entrepreneurial Traits
- Creative, innovative, opportunity-seeking, risk-tolerant, and open to change
Types of Entrepreneurs
- Include agri-preneur, beerpreneur, mompreneur, and e-preneur (online)
The Entrepreneurial Mindset
- A creative person who scores high on achievement motivation
- Willing to take calculated risks and views a challenge as a new opportunity
Societal Role
- A plan identifies the role different sectors of society need to play to eliminate poverty and reduce inequality
- Calls for entrepreneurship training to stimulate youth employment and community development
Economic Impact
- When there is no growth in the economy fewer employment opportunities are available
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