INTRODUCTION TO ENTREPRENEURSHIP
ENTREPRENEURIAL PROCESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To maintain the status quo
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To create and develop a non-profit organization
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To initiate, maintain, and develop a profit-oriented business
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To decrease the value of economic resources
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Detailed explanation-1: -Herron and Robinson (1993) The entrepreneurship is a set of behaviours which initiate and manage the re-allotment of economic resources and whose purpose is the creation of value by these means.
Detailed explanation-2: -Entrepreneurship is the willingness and ability to establish, organise and manage a business and take financial risks to make profits.
Detailed explanation-3: -According to Schumpeter. (1934) the entrepreneur is the individual which innovates when he introduces something new in the market, either a product, a service or a method, although recognizing that a substantial part of these innovations imply a (re)combination of existing elements.
Detailed explanation-4: -Answer: The aim of entrepreneur is to establish an enterprise and the process of doing it is entrepreneurship.