INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the ability to access capital easily
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a set of unique skills, usually accompanied by advances degrees in several areas
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a high level of commitment, tolerance of ambiguity, flexibility and tenacity
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specialized technical abilities
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Detailed explanation-1: -Therefore, tolerance of ambiguity can be considered a characteristic of entrepreneurs. Those who are more entrepreneurial are expected to simultaneously display more tolerance for ambiguity than others.
Detailed explanation-2: -To mitigate the risk of financial loss or failure, it serves a business owner to have a certain set of skills. A great entrepreneur must be able to effectively communicate, sell, focus, learn, and strategize. An ability to continuously learn is not just a key entrepreneurial skill, but also a very valuable life skill.
Detailed explanation-3: -Entrepreneurs display the greatest tolerance of risk, even in small gambles, as well as the strongest self-efficacy, internal locus of control, and need for achievement. Nonfounder CEOs/leaders typically sit in between entrepreneurs and employees for personality traits.
Detailed explanation-4: -Vision. Innovation cannot happen without vision, the ability to not only recognize opportunity and connect dots, but also the wherewithal to question why a solution does not exist to a problem. Passion. Adaptability. Resilience.