INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
the process of creating something new with value by devoting the necessary time and effort
|
|
|
the process of business expansion that creates wealth, a better standard of living and conditions for national development
|
|
|
the process of creation and business expansion wealth, a better standard of living and conditions for national development,
|
|
|
the process of creating something new
|
Detailed explanation-1: -Essentially, entrepreneurship is the process of developing, organizing, and running a new business to generate profit while taking on financial risk.
Detailed explanation-2: -It is useful to break the entrepreneurial process into five phases: idea generation, opportunity evaluation, planning, company formation/launch and growth.
Detailed explanation-3: -Entrepreneurs make productive use of these savings, they mobilize them and turn them into a productive resource. This pooled financial resource or capital is the basis of wealth creation in the economy.
Detailed explanation-4: -Wealth Creating. An entrepreneur combines the factors of production (land, labour and capital) to create products; services and job opportunities. The average entrepreneur sees opportunities that others do net perceive or care about and uses relevant data and information to create something new.