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Questions and Answers
In terms of focus, what is the key difference between an entrepreneur and a manager?
What is the key motivation for managers according to the text?
Who establishes a company or enterprise as per the text?
What is the main reward for entrepreneurs according to the text?
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What is the nature of decisions made by entrepreneurs according to the text?
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What type of decisions do managers mostly make according to the text?
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Where does a manager's reward primarily come from based on the text?
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How do entrepreneurs differ from managers in terms of ownership?
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What is the focus of managers according to the text?
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Which decision-making approach is more prevalent for managers according to the text?
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Study Notes
- Entrepreneurship involves developing new products or services, identifying markets, securing funds, managing resources, and making strategic decisions for business growth.
- Entrepreneurial ideas include computers, ATMs, and credit cards.
- Two main perspectives on entrepreneurship are focused on characteristics (e.g. innovation) and outcomes (e.g. creation of value).
- Definitions of an entrepreneur include bearing risks, organizing factors of production, and coordinating, organizing, and supervising business activities.
- Australian market process theories highlight human actions based on economic knowledge and the importance of creativity and imagination in entrepreneurship.
- Internal factors influencing entrepreneurship include occupational and educational backgrounds, independence desire, recognition, and achievement.
- External factors influencing entrepreneurship include government support, resource availability, encouragement from big businesses, and product demand.
- Business structures are legal representations of company organization affecting operations, taxes, paperwork, liability, and capital raising.
- Partnership business structures involve sharing profits among two or more individuals, with advantages like easy setup and capital investment but limitations like unlimited liabilities and decision conflicts.
- Corporation structures are independent entities from owners, providing liability protection and business continuity but requiring compliance with regulations and record-keeping.
- Entrepreneurs and managers both make decisions but differ in ownership, focus (startup vs. ongoing operations), motivation (profit vs. power), rewards (profit vs. salary), and nature of decisions.
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Description
Explore the fundamental aspects of entrepreneurship, such as developing new products or services, identifying markets, securing funds, managing resources, and making strategic decisions. Learn about different entrepreneurial ideas like computers, ATMs, and credit cards. Delve into the varying perspectives on the meaning of entrepreneurship.
