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 number of times it takes to produce an product that is accepted by the market and is profitable.
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the intersection of knowledge and social need that starts the product development process.
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the process of developing breakthrough innovations.
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the role government takes in stimulating entrepreneurship through investment.
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Detailed explanation-1: -Iterative synthesis: The intersection of knowledge and social need that starts the product development process.
Detailed explanation-2: -Answer: Creative Destruction is the process referred to in by economist Joseph Schumpeter to the process of entrepreneurs developing new products that over time make current products obsolete.
Detailed explanation-3: -Joseph Schumpeter argued that entrepreneurs develop new products and technologies that over time make current products and technologies obsolete, and this process, which he called creative destruction, is good because it stimulates economic activity.
Detailed explanation-4: -Preparation stage: As you begin the creative journey, the first stage involves prep work and idea generation. This is when you gather materials and conduct research that could spark an interesting idea.