EN115_4A

The Irish-French economist Richard Cantillon was the first to define the word "entrepreneur," which comes from the French word entreprendre, which meaning "to undertake."

• TRUE

• FALSE

• MAYBE

• NONE OF THE ABOVE

   A prospective entrepreneur would typically start a "small business," which he or she intends to expand into a sizable and prosperous company.

• TRUE

• FALSE

• MAYBE

• NONE OF THE ABOVE

Entrepreneurship is defined as the process of personal or developing a business.

• TRUE

• FALSE

• MAYBE

• NONE OF THE ABOVE

     Entrepreneurship generally means offering a new product, applying a new technique or technology, opening a new market, or developing a new form of organization for the purpose of producing or enhancing a product.

• INNOVATION

• ENTREPRENEUR

• ATTITUDE

• NONE OF THE ABOVE

  Entrepreneurship means setting up a business to make profit.

• FALSE

• TRUE

• RUNNING A BUSINESS

• NONE OF THE ABOVE

Entrepreneurs, therefore, are always working under a certain degree of uncertainty, and they can’t know the outcomes of many of the decisions that they have to make.

• FALSE

• TRUE

• RISK TAKING

• NONE OF THE ABOVE

      This means that there must be a real business opportunity.

• IDENTIFY AN OPPORTUNITY

• IDENTIFY CREATIVITY

• RISK TAKING

• NONE OF THE ABOVE

   Capital, labor and operating equipment must be found.

• GATHER RESOURCES

• MANAGE BUSINESS

• RISK TAKING

• NONE OF THE ABOVE

   Can be in the form of profit or increased value of the business.

• REWARD

• CLAIMS

• PROFIT

• NONE OF THE ABOVE

  This means that there must be planning, organization, leadership and control of all the functions.

• MANAGE A BUSINESS

• CLAIMS

• PROFIT

• NONE OF THE ABOVE