INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
pursues opportunity without regard to resources
|
|
|
starts a new business with the aim of making a profit
|
|
|
seeks to create value for local communities, people or customers by starting new ventures which exploit new products, processes or markets.
|
|
|
seeks to generate value through creation or expansion of economic activity, by identifying and exploiting new products, processes or markets.
|
Detailed explanation-1: -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: -1. Which of the following is the correct definition of the term ‘entrepreneur’, as used by the OECD? Entrepreneurs are those people who start new businesses with the aim of making a profit.
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". Entrepreneurship employs what Schumpeter called the gale of creative destruction.
Detailed explanation-4: -Essentially, entrepreneurship is the process of developing, organizing, and running a new business to generate profit while taking on financial risk.