Introduction to Entrepreneurship

What is the definition of entrepreneurship?

• Entrepreneurship is the act of working for someone else

• Entrepreneurship is the process of saving money

• Entrepreneurship is the activity of setting up a business or businesses, taking on financial risks in the hope of profit.

• Entrepreneurship is the act of avoiding risks

Explain the concept of 'entrepreneurial mindset'.

• Entrepreneurial mindset is solely focused on making quick profits without considering long-term sustainability.

• Entrepreneurial mindset is about following a strict routine without flexibility.

• Entrepreneurial mindset involves avoiding risks and sticking to the status quo.

• Entrepreneurial mindset is a way of thinking that involves seeing opportunities, taking risks, and being proactive in creating value.

How can entrepreneurship contribute to economic growth?

• Entrepreneurship leads to inflation

• Entrepreneurship creates new businesses, jobs, innovation, competition, and productivity improvements.

• Entrepreneurship hinders technological advancements

• Entrepreneurship decreases employment rates

Explain the difference between a business owner and an entrepreneur.

• A business owner manages an existing business, while an entrepreneur starts a new business or takes risks to innovate and grow a business.

• A business owner does not need to be innovative, while an entrepreneur must always innovate

• A business owner never takes risks, while an entrepreneur always takes risks

• A business owner only focuses on profits, while an entrepreneur prioritizes social impact

Definition: A person who starts a new company.

• Asset

• Entrepreneur

• Investor

• Venture

A person who starts a business is called a(n)

• entrepreneur

• natural resource

• capital resource

• economist

What is the primary focus of an entrepreneur?

• A) To maintain the status quo

• B) To innovate and create value

• C) To avoid financial risks

• D) To work for someone else

Which of the following best describes an entrepreneurial venture?

• A) A business that follows traditional methods

• B) A business that seeks to innovate and disrupt the market

• C) A business that avoids competition

• D) A business that focuses solely on local markets

What is a key characteristic of an entrepreneurial mindset?

• A) Risk aversion

• B) Proactivity and opportunity-seeking

• C) Dependence on external guidance

• D) Focus on short-term gains

How does entrepreneurship impact job creation?

• A) It reduces the number of available jobs

• B) It creates new job opportunities

• C) It has no impact on employment

• D) It only benefits large corporations