INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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working with others to make create a business.
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the activity of setting up a business or businesses, taking on financial risks in the hope of profit.
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a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
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coming up with ideas to start a business.
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Detailed explanation-1: -The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses.
Detailed explanation-2: -The definition of entrepreneurship according to Oxford Languages is “the activity of setting up a business or businesses, taking on financial risks in the hope of profit.” However, Howard Stevenson of Harvard Business School, has defined entrepreneurship as the “pursuit of opportunity beyond resources controlled”.
Detailed explanation-3: -Entrepreneurship can be defined as the activity of setting up a business or businesses, and taking on financial risks in the hope of making profit.
Detailed explanation-4: -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-5: -Entrepreneurs face multiple risks such as bankruptcy, financial risk, competitive risks, environmental risks, reputational risks, and political and economic risks. Entrepreneurs must plan wisely in terms of budgeting and show investors that they are considering risks by creating a realistic business plan.