INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Someone who works under a company
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Someone who took a leap of faith into making their own job
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Either A or B
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None of the above
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Detailed explanation-1: -Entrepreneurial start-ups require a “leap of faith.” Since a person’s faith represents a belief in something for which there is limited information and considerable uncertainty, this suggests that the entrepreneur’s faith orientation may influence the start-up process for some entrepreneurs.
Detailed explanation-2: -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-3: -Joseph Schumpeter describes an entrepreneur as “a person who is willing and able to convert a new idea or invention into a successful innovation".
Detailed explanation-4: -The famous Austrian economist, Joseph Schumpeter, coined the term ‘Unternehmer’ by which he meant the entrepreneurial spirit. In other words, someone who identifies a commercial opportunity, whether a material, product, service, or business and then organises a venture or system to implement it so that it makes money.