INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
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Our class definition of “Entrepreneurship” is:
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The process of buying and running a business
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The process of coming up with an innovative idea
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The process of developing a brand and producing products
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The process of starting and running a business while assuming risk.
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Explanation:
Detailed explanation-1: -It is useful to break the entrepreneurial process into five phases: idea generation, opportunity evaluation, planning, company formation/launch and growth.
Detailed explanation-2: -Entrepreneurship is the willingness and ability to establish, organise and manage a business and take financial risks to make profits. An Entrepreneur is an innovator who brings in new ideas to create a successful business venture.
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