Entrep: Overview

Entrepreneurs are the key to economic and industrial development.

• True

• False

Entrepreneurs are the reason for a large quantity of highly developed industries which result to greater employment opportunities for unemployed youth, increase in per capita income (measure of the amount of money that is earned by person), higher standard of living and increased individual saving, revenue to the government in the form of income tax, value added tax, export duties, import duties, and balanced regional developments.

• True

• False

Which of the following is not part on the 'Relevance of Entrepreneurship to an Organization'?

• Development of managerial capabilities

• Creation of organizations

• Improving standard of living

• Means of economic development

• Earnings of profit

This refers to those who undertake the risk of new enterprise.

• Entrepreneurs

• Entrepreneurship

The word “entrepreneur” was derived from the Latin verb enterprendre, which means to undertake.

• True

• False

Answer explanation

The word “entrepreneur” was derived from the French verb enterprendre, which means to undertake.

It employs what Schumpeter called the “gale of creative destruction” replace wholly or partly inferior innovations across markets and industries. This destruction simultaneously creates new product and new business models.

• Entrepreneurs

• Entrepreneurship

They are innovators, willing to take risks and generate new ideas to create unique and potentially profitable solutions to modern-day problems.

• Entrepreneurs

• Entrepreneurship

It is a process of actions of an entrepreneur who is always in each search of something new to exploit new ideas into gainful opportunities by accepting the risk and uncertainty of the enterprise.

• Entrepreneurs

• Entrepreneurship

It ranges in scale from solo projects (even involving the part-time entrepreneur) to major undertakings that create many job opportunities.

• Entrepreneurs

• Entrepreneurship

Entrepreneurship is not so much a skill as a habitual state of mind.

• True

• False