Entrepreneurship Concepts and Theories

The video introduces the concept of entrepreneurship, defining an entrepreneur as an individual who creates a new business, taking on most of the risks and rewards. It highlights the significant role of entrepreneurship in economic development, including job creation, innovation, and improving the standard of living. The video also outlines the entrepreneurship process, detailing stages like ideation and market research. Various theories are discussed, such as opportunity theory and innovation theory, emphasizing the importance of resources, social capital, and human capital in entrepreneurial success.

What is the primary role of an entrepreneur?

• To invest in stock markets

• To work as an employee in a company

• To manage existing businesses

• To create new businesses and bear risks

How does entrepreneurship contribute to economic development?

• By increasing dependency on imports

• By creating new jobs and opportunities

• By limiting market growth

• By reducing innovation

Which of the following is a benefit of entrepreneurship?

• Encouraging capital formation

• Increasing poverty

• Decreasing employment

• Reducing community development

What is the process of accumulating resources to fund new business ventures called?

• Market research

• Product development

• Job creation

• Capital formation

Which theory suggests that entrepreneurs identify market opportunities?

• Human Capital Theory

• Opportunity Theory

• Social Capital Theory

• Resource-Based Theory

What does the Resource-Based Theory emphasize?

• The significance of resources like knowledge and skills

• The role of innovation

• The importance of social networks

• The impact of economic policies

According to the Innovation Theory, what do entrepreneurs create?

• Government policies

• Innovative ideas and products

• Educational programs

• Traditional businesses

What is the first stage in the entrepreneurship process?

• Market research

• Funding

• Ideation

• Growth

Which theory highlights the role of social networks in entrepreneurship?

• Social Capital Theory

• Human Capital Theory

• Economic Development Theory

• Innovation Theory

What future topics are hinted at in the conclusion of the video?

• Human resource development

• Financial management

• Marketing strategies

• Types of entrepreneurship and threats