INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Risk taker
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To undertake
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To research
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To improve standard of living
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Detailed explanation-1: -A person who undertakes the risk of starting a new business venture is called an entrepreneur. An entrepreneur creates a firm to realize their idea, known as entrepreneurship, which aggregates capital and labor in order to produce goods or services for profit.
Detailed explanation-2: -Someone who is willing to undertake a new venture in order to present an idea to the marketplace. The word Entrepreneur is derived from a French word, which means “avoid risks”
Detailed explanation-3: -Entrepreneur is a French word probably coined by the economist Jean-Baptiste Say from the word entreprendre, which is usually translated as “undertaker” or “adventurer."1 Say studied Smith’s book and, while agreeing on all points, found that the omission of enterprising businessmen was a serious flaw.
Detailed explanation-4: -Entrepreneur is derived from a french word ‘entreprendre’ which means to ‘undertake’ or a person who undertakes the responsibility of building a new business taking on financial risks.