INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Is active in their community and encourages business owners.
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Is willing to take a risk in the hunt for new business opportunities.
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Provides entertainment to people in a variety of ways.
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Works for a large company creating new products.
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Detailed explanation-1: -What Does It Mean to Be an Entrepreneur? An entrepreneur is an individual who takes the risk to start their own business based on an idea they have or a product they have created while assuming most of the risks and reaping most of the rewards of the business.
Detailed explanation-2: -Entrepreneur: “A person who starts a business and is willing to risk loss in order to make money.” This is the Merriam-Webster definition open in new of the word “entrepreneur.” But it’s so much more than that, isn’t it? It’s about passion. It’s about recognizing opportunities and generating innovative, creative ideas.
Detailed explanation-3: -Theorists Frank Knight and Peter Drucker defined entrepreneurship in terms of risk-taking. The entrepreneur is willing to put his or her career and financial security on the line and take risks in the name of an idea, spending time as well as capital on an uncertain venture.
Detailed explanation-4: -Entrepreneurship is the ability and readiness to develop, organize and run a business enterprise, along with any of its uncertainties in order to make a profit. The most prominent example of entrepreneurship is the starting of new businesses.
Detailed explanation-5: -Entrepreneurs are comfortable with uncertainty. Risk aversion is a predictor of whether an individual will become an entrepreneur (low-risk aversion) or stay an employee (high-risk aversion.) Entrepreneurs take risks because they’re necessary to start and grow a business.