INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -According to Schumpeter. (1934) the entrepreneur is the individual which innovates when he introduces something new in the market, either a product, a service or a method, although recognizing that a substantial part of these innovations imply a (re)combination of existing elements.
Detailed explanation-2: -Schumpeter (1934) defines entrepreneurship as activities that produce beneficial results through developing profit-oriented businesses.
Detailed explanation-3: -According to Schumpeter, an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation.
Detailed explanation-4: -According to Schumpeter, innovative entrepreneurs would: Thrive in the market. Not survive and disappear from the market.