ENTREPRENEURSHIP

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INTRODUCTION TO ENTREPRENEURSHIP

DEFINITION OF ENTREPRENEURSHIP

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Which of the followings are TRUE about entrepreneurship? I. Entrepreneurs are key players or providers that produce, transport or sell products and services to consumers. II. Entrepreneurs create new products, take risks in investing money and make the products available to customers. III. New and improved products are continuously developed to replace older products, and these products have enhanced the standard and quality of life of the society. IV. A society that has a great entrepreneurial culture will be less productive, competitive and prosperous. V. Many successful entrepreneurs have become very rich when their small businesses grow into big corporations.
A
I, II, IV and V
B
I, III, IV and V
C
I, II, III and V
D
I, II, III, IV and V
Explanation: 

Detailed explanation-1: -An entrepreneur gets things done and loves to be competitive in the process. A true entrepreneur is not predictable, one that possesses a certain creativity level that allows one self to see and produce “ahead of the curve”. However, without strong people skills, an entrepreneur cannot be successful alone.

Detailed explanation-2: -The entrepreneurship process involves the identification, evaluation, and implementation of new business ideas. The process also incorporates establishing new business firms and organizations. Innovation also becomes an integral part of the process.

Detailed explanation-3: -Entrepreneurship is the willingness and ability to establish, organise and manage a business and take financial risks to make profits. An Entrepreneur is an innovator who brings in new ideas to create a successful business venture.

Detailed explanation-4: -Importance of Entrepreneurship Drives economic growth and creates new job. Encourages innovation by bringing new ideas, products, and services to the market. Contributes to social change by developing products or services that reduce people’s dependence on outdated technologies.

There is 1 question to complete.
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