Entrepreneurship — Flashcards
ICSE · Class 11 · Business Studies
45 flashcards for Entrepreneurship (ICSE Class 11 Business Studies) to test yourself on key terms and facts. Sample: "What is the meaning of entrepreneur"
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What is the meaning of entrepreneur in business studies?
Answer
An entrepreneur is a person who undertakes an enterprise. Such a person combines labour, capital, and other inputs to produce or sell a product or service, introduces innovation, assembles resources, …
Who first used the term entrepreneur for economic activities?
Answer
Richard Cantillon was the first to use the term entrepreneur for economic activities. He described the entrepreneur as an agent who buys means of production at certain prices and sells the product at …
What three elements are associated with the concept of entrepreneur?
Answer
The concept of entrepreneur is associated with three elements: risk-bearing, organising, and innovating. Risk-bearing means accepting uncertainty, organising means arranging factors of production, and…
Why is a manager not the entrepreneur of the enterprise in which he is employed?
Answer
An entrepreneur may also be the top manager of his own enterprise, but a manager who is employed in a business is not the entrepreneur of that enterprise. The entrepreneur owns and undertakes the busi…
Define entrepreneurship in simple terms.
Answer
Entrepreneurship is the process of undertaking an economic activity that involves risk. It is the process of changing ideas into economic opportunities and creating value by organising, coordinating, …
Why is entrepreneurship described as more of an art than a science?
Answer
Entrepreneurship is more of an art than a science because there are very few fixed rules for creating and running a business. Success depends on judgement, creativity, and the ability to respond to a …
What are the main characteristics of entrepreneurship?
Answer
The main characteristics of entrepreneurship are economic activity, creativity and innovation, dynamic nature, purposeful activity, risk element, organisation building, and gap-filling function.
How does entrepreneurship create value in the economy?
Answer
Entrepreneurship creates value by identifying opportunities, combining resources, introducing new products or methods, and turning ideas into business activity. It helps in producing goods and service…
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