INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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First Generation Entrepreneur
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Spontaneous Entrepreneur
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Corporate Entrepreneur
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None of the above
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Detailed explanation-1: -An entrepreneur is a person who combines the other factors of production-land, labor, and capital-to earn a profit. The most successful entrepreneurs are innovators who find new ways to produce goods and services or who develop new goods and services to bring to market.
Detailed explanation-2: -An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.
Detailed explanation-3: -Joseph A. Schumpeter, “Entrepreneur is a person who foresees the opportunity and try to exploit it by introducing a new product, a new method of production, new market, new source of raw material or new combination of factors of production.”