Entrepreneurship as Innovation and Problem Solving — Practice Quiz

Internal risks

Internal risks arise from events within the business enterprise and can be forecasted and controlled by entrepreneurs to an appreciable extent. These include human factors, technological factors, and physical factors. External risks (natural, political) arise outside the business and are generally beyond the entrepreneur's control, making them less predictable and harder to manage.

Upload data to a cloud and use it remotely

Cloud computing allows organizations to upload all their data to a cloud platform and then access and use it remotely wherever required. This provides flexibility and reduces the need for physical storage infrastructure. It doesn't eliminate business risks or replace human employees, and it's specifically designed to move beyond local-only storage.

Entrepreneurship focuses on wealth creation while social entrepreneurship uses wealth creation as means to social ends

The key difference is in the final objective. Traditional entrepreneurship's final objective is wealth creation. For social entrepreneurs, wealth creation is simply a means to an end - they use profits generated to create valuable social programs for the community. Social entrepreneurship can involve profit but directs it toward social goals rather than personal wealth accumulation.

Grameen Bank

Muhammad Yunus founded the Grameen Bank and won the 2006 Nobel Peace Prize for providing microcredit to poor Bangladeshis. He started by lending $27 of his personal funds to poor women who started a sewing business. SEWA was founded by Ela Bhatt, Amul by Dr. Verghese Kurien, and Barefoot College by Bunker Roy.