INTRODUCTION TO ENTREPRENEURSHIP
TYPES OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Intrapreneur
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Entrepreneur
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Either A or B
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None of the above
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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: -A wantrepreneur is someone who wants to start their own business but hasn’t taken any action to get the ball rolling. All entrepreneurs are technically wantrepreneurs in the idea stages of their start ups.
Detailed explanation-3: -Three thinkers were central to the inclusion of entrepreneurs in later iterations of economics: Joseph Schumpeter, Frank Knight, and Israel Kirzner. 2 Schumpeter suggested that entrepreneurs-not just companies-were responsible for the creation of new things in the search of profit.
Detailed explanation-4: -Coasting, opportunity comes to them (or it doesn’t) Conservative (very moderate use of resources, protecting existing resources) Aggressive (proactive, all-in, actively seeks opportunity) Innovator/Revolutionary (attains growth through innovation)