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Questions and Answers
What is entrepreneurship?
What is the main goal of entrepreneurial ventures?
What is the key characteristic that distinguishes entrepreneurial ventures from small businesses?
What is the main goal of Nanoly Bioscience, founded by Nanxi Liu?
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What is a key difference between entrepreneurial ventures and small businesses?
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Why are entrepreneurial ventures not necessarily small businesses?
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What is a characteristic of small businesses?
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What is an example of an entrepreneurial venture?
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Study Notes
What is Entrepreneurship?
- Entrepreneurship is the process of starting new businesses in response to opportunities.
- Entrepreneurs pursue opportunities by introducing new products or services, or transforming/revolutionizing existing ones.
Entrepreneurial Ventures vs. Small Businesses
- Entrepreneurial ventures:
- Pursue opportunities
- Characterized by innovative practices
- Have growth and profitability as main goals
- Small businesses:
- Independently owned, operated, and financed
- Fewer than 100 employees
- May not engage in new or innovative practices
- Relatively little impact on industry
- Key difference: small businesses are not necessarily entrepreneurial, as they may not be innovative or pursue new opportunities.
Example of Entrepreneurship
- Nanxi Liu, founder of Nanoly Bioscience, developed polymers that allow vaccines to be stored without refrigeration, enabling doctors to provide lifesaving vaccinations in developing countries.
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Description
Learn about the process of entrepreneurship, including starting new businesses and pursuing opportunities by introducing new products or services.
