ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the process of creating with value by devoting the necessary time and effort
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the process of creating something new with value by devoting the necessary time and effort
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the process of creating something new with value by devoting the necessary time and effort, and assuming the accompanying financial and physical aspects
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the process of creating something new with value by devoting the necessary time
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Detailed explanation-1: -Peters (1998) said, “Entrepreneurship is the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic and social risks and receiving the resulting rewards of monetary and personal satisfaction and independence.”
Detailed explanation-2: -Essentially, entrepreneurship is the process of developing, organizing, and running a new business to generate profit while taking on financial risk.
Detailed explanation-3: -It is useful to break the entrepreneurial process into five phases: idea generation, opportunity evaluation, planning, company formation/launch and growth. These phases are summarized in this table, and the Opportunity Evaluation and Planning steps are expanded in greater detail below. 1.
Detailed explanation-4: -Entrepreneur is a French word probably coined by the economist Jean-Baptiste Say from the word entreprendre, which is usually translated as “undertaker” or “adventurer."1 Say studied Smith’s book and, while agreeing on all points, found that the omission of enterprising businessmen was a serious flaw.