Introduction to Entrepreneurship — Flashcards

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Entrepreneurship means creating new things instead of only sticking to conventional business. It involves generating ideas, promoting them, and implementing a new business environment.

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Idea generation is important because entrepreneurship starts with spotting a new opportunity. Good ideas are then promoted and implemented to create a business that can work in the market.

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Entrepreneurship is the knowledge plus skills needed to translate business ideas into reality. It means a person can plan, organize, and start a business unit successfully.

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Entrepreneurship is a system that includes entrepreneurs, institutions, and government actions. Its desired outcome is increased entrepreneurial activity.

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Entrepreneurship is an economic process where an idea is generated or an opportunity is created, refined, developed, and implemented, while exposed to uncertainty to realize a profit by effective util…

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Entrepreneurship is an economic activity done to create, develop, and maintain a profit-oriented business.

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It begins with identifying an opportunity to sell and make profit. The opportunity is then developed into a business idea.

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It means using money, materials, time, labour, and other resources in the most effective way so that the business gets the best possible result.