Entrepreneurship — Flashcards

Answer

The word 'entrepreneur' is derived from the French word 'Entreprende', which means to undertake some activity. An entrepreneur is an innovator of new ideas and business processes who possesses managem…

Answer

Entrepreneurship is the process of action of an entrepreneur who undertakes to establish his enterprise. It is a creative activity - the ability to create and build something. It involves sensing oppo…

Answer

Five important characteristics of an entrepreneur are: 1) Creativity - ability to generate new ideas, 2) Innovation - implementing new methods and products, 3) Risk taking - willingness to face uncert…

Answer

Main functions of an entrepreneur include: 1) Starting business by preparing plans, 2) Organizing factors of production, 3) Making decisions about product, technology, and marketing, 4) Coordinating a…

Answer

Entrepreneurs promote capital formation by mobilizing the idle savings of citizens. They employ both their own resources and borrowed funds for setting up enterprises. This entrepreneurial activity le…

Answer

Entrepreneurs provide large-scale employment opportunities to various categories of people including artisans, technically qualified persons, and professionals. By starting new ventures and expanding …

Answer

Entrepreneurs help increase the country's Gross Domestic Product (GDP) and per capita income by creating new businesses, producing goods and services, and adding value to the economy. Their innovative…

Answer

Entrepreneurs help remove regional disparities by promoting development of industries in rural and backward areas. They establish enterprises in underdeveloped regions, bringing employment opportuniti…