WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
AMERICAN INDUSTRY DEVELOPMENT IN THE GILDED AGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An entrepreneur is richer than an inventor.
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An entrepreneur is also a philanthropist.
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An entrepreneur doesn’t invent new things.
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An entrepreneur develops a business from an idea or invention.
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Detailed explanation-1: -In most cases, an inventor isn’t trying to place this invention on the market. On the other hand, an entrepreneur is someone who focuses almost exclusively on trying to take a product and fit it into a market wherein it can sell to customers or clients.
Detailed explanation-2: -Generally both inventors and entrepreneurs are able to come up with new ideas, and share some common characteristics, however, the key difference is that inventors are usually focused on the tangible invention, while entrepreneurs are more focused on the business opportunity.
Detailed explanation-3: -Entrepreneur vs Innovator Innovators create new products, services, or ways of doing things while entrepreneurs turn those ideas into viable businesses concepts. If you believe you have developed a better way of providing a service to a client, for example, then you’re innovating.
Detailed explanation-4: -He or she knows that many good ideas exist. If the present idea, no matter how cool or innovative, does not product the desired value, then it is not worth pursing. Inventors, on the other hand, tend to become consumed by their product.
Detailed explanation-5: -An entrepreneur takes a new business idea and starts a company to bring that idea to market. An intrapreneur is an employee who channels that same creativity and innovation to develop new products and services-and sometimes even markets-for an employer.