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Understanding Entrepreneurship and Entrepreneurs

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Understanding Entrepreneurship and Entrepreneurs

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Questions and Answers

What is the primary goal of an entrepreneur?

To contribute to economic growth

To develop innovative products or services

To create a profitable business (correct)

To generate employment opportunities

Which of the following is NOT a key characteristic of an entrepreneur?

Risk aversion (correct)

Innovation

Risk-taking

Resource allocation

What is the initial investment made by an entrepreneur?

Physical resources

Human resources

An idea or concept (correct)

Financial capital

Which of the following best describes the role of an entrepreneur in an economy?

Anticipating market needs and introducing new products or services Signup and view all the answers

What is the primary source of an entrepreneur's rewards?

Profits from the business Signup and view all the answers

What is the primary factor that makes entrepreneurship a risky endeavor?

Uncertainty of idea success Signup and view all the answers

What is the primary role of an entrepreneur?

Innovating and creating new products or services Signup and view all the answers

What do the terms 'customers' and 'consumers' refer to in the context of entrepreneurship?

Customers are the buyers, and consumers are the users of the product Signup and view all the answers

Which economist is considered the 'father of the Theory of Entrepreneurship'?

Richard Cantillon Signup and view all the answers

What does the term 'capital' refer to in the context of entrepreneurship?

The buildings, machinery, equipment, and tools used in production Signup and view all the answers

What is a key characteristic of an entrepreneur?

Both risk-taking and leadership Signup and view all the answers

Which of the following economists is NOT mentioned in the text as having touched on the concept of entrepreneurship?

Karl Marx Signup and view all the answers