Entrepreneurship

• What is an entrepreneur?

  A person who sets up a business
• What does it mean to be enterprising?

  To spot good business opportunities
• What is required for an entrepreneur to succeed?

  Vision and drive to make business succeed
• What type of risks must an entrepreneur take?

  Calculated risks
• What is a key characteristic of a successful entrepreneur?

  Taking calculated risks
• How does innovation benefit an entrepreneur?

  It provides original ideas for success
• What is essential for decision-making in entrepreneurship?

  Ability to make decisions in difficult situations
• What trait helps entrepreneurs work long hours?

  Determination
• How should an entrepreneur respond to failures?

  Not be discouraged by setbacks
• What is the role of leadership in entrepreneurship?

  To motivate and inspire people
• Why do governments encourage entrepreneurship?

  • Reduces unemployment
  • New ideas lead to economic growth
  • Increases awareness of standards
  • Promotes competition and wealth in communities
• What is a potential negative of entrepreneurship?

  Awareness of risk-taking
• What can happen if an entrepreneur loses time on a venture?

  Time invested may be wasted
• What personal challenges might an entrepreneur face?

  Worry and stress from long hours
• What are the rewards of risk-taking in entrepreneurship?

  Large profits and fame
• What is fixed capital?

  Money to buy long-term assets
• What is capital in business resources?

  Finance needed to start a business
• What does entrepreneurship involve?

  • Management of business resources
  • Combining capital, land, and labor
  • Producing goods and services
  • Organizing resources effectively
• What does working capital refer to?

  Day-to-day business expenses
• What does land refer to in business resources?

  Actual land and natural resources
• What does labor refer to in business?

  Workers who make products
• How are workers commonly referred to in firms?

  Employees