Entrepreneurship — Flashcards

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Entrepreneurship is the assumption of risk and responsibility in designing and implementing a business strategy or starting a business.

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An entrepreneur is one who undertakes innovations, finance and business acumen to transform innovations into economic goods. An entrepreneur is creative, takes risks, and invests money to create value…

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In wage-employment, a person earns money through salaries or wages from an employer. In self-employment, a person earns by running their own concern. A teacher, worker, doctor in a government hospital…

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Entrepreneurs do not only earn for themselves. They also create jobs for many others. A self-employed person may run a business for personal income, but an entrepreneur also generates employment and a…

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Entrepreneurship helps economic and social development by turning ideas into opportunities, creating businesses, generating employment, encouraging innovation, and creating wealth for the nation.

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Entrepreneurs start businesses and create job opportunities for themselves and for others. This is important because many businesses are started by people who already have other employment options ava…

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Entrepreneurs are major contributors to innovation. Almost 2/3rd of all innovations are due to entrepreneurs. They help improve technology, methods, and products through new ideas.

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Entrepreneurs create wealth by producing goods, services, ideas, thoughts, and inventions. Their work supports the economy and helps national development.