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Questions and Answers
What is entrepreneurship?
What is entrepreneurship?
- The process of managing small businesses
- The process of financing new ventures
- The process of starting new businesses in response to opportunities (correct)
- The process of creating innovative products
What is the main goal of entrepreneurial ventures?
What is the main goal of entrepreneurial ventures?
- To remain small and stable
- To maximize profitability
- To innovate and grow (correct)
- To minimize risk
What is the key characteristic that distinguishes entrepreneurial ventures from small businesses?
What is the key characteristic that distinguishes entrepreneurial ventures from small businesses?
- Industry
- Innovative practices (correct)
- Financing
- Size
What is the main goal of Nanoly Bioscience, founded by Nanxi Liu?
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?
What is a key difference between entrepreneurial ventures and small businesses?
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Why are entrepreneurial ventures not necessarily small businesses?
Why are entrepreneurial ventures not necessarily small businesses?
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What is a characteristic of small businesses?
What is a characteristic of small businesses?
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What is an example of an entrepreneurial venture?
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.
