1.1 The role of business enterprise and entrepreneurship

• Entrepreneurship is solely focused on making a profit.

  False
• Business enterprise emphasizes the individual(s) starting the business.

  False
• Entrepreneurs identify gaps in the market and develop new products
• Innovation is a key driver of a successful business enterprise.

  True
• Innovation and risk-taking are two essential characteristics of business
• In business enterprise, innovation involves developing new offerings to meet market needs
• Entrepreneurs take risks to ensure their business succeeds.


  True
• What does business enterprise emphasize?

  Risk-taking, innovation, opportunity-seeking
• What is the focus of entrepreneurship?

  Identifying and capitalizing on opportunities
• The focus of business enterprise is on the individual starting the business

  False
• Rank the key roles of entrepreneurship in building a business enterprise

  1️⃣ Identifying market opportunities

  2️⃣ Risk-taking

  3️⃣ Innovation

  4️⃣ Opportunity-seeking
• Successful entrepreneurs are willing to take on financial, personal, and professional risks
• Innovation in business enterprises often leads to advancements in various industries

  True
• Business enterprise refers to the act of setting up and running a business
• Entrepreneurship is the process of starting and running a business, often with the goal of making a profit
• The key ways entrepreneurship contributes to building a business enterprise:

  1️⃣ Identifying market opportunities

  2️⃣ Risk-taking

  3️⃣ Innovation

  4️⃣ Opportunity-seeking
• What type of risks do entrepreneurs take in starting a business?

  Financial, personal, professional
• Risk-taking is essential for the success of a business enterprise.


  True
• Entrepreneurs in a business enterprise are willing to take risks to succeed.

  True
• How does innovation drive growth in a business enterprise?

  By meeting unmet market needs
• Risk-taking is a key characteristic of business enterprise.


  True
• Entrepreneurship focuses on identifying and capitalizing on market opportunities.

  True
• What is the goal of entrepreneurship in starting a business?

  Making a profit
• What type of risks are entrepreneurs willing to take in starting a business?

  Financial, personal, professional
• What is the role of innovation in entrepreneurship?

  Identifying innovative opportunities
• How do business enterprises contribute to the economy?

  Job creation, tax revenue
• What is the key focus of entrepreneurship?

  Capitalizing on market opportunities
• Steve Jobs and Steve Wozniak founded Apple by identifying a market opportunity for personal computers.


  True
• Entrepreneurs are constantly on the lookout for new market opportunities
• What is the role of innovation in a business enterprise?

  Helps the business stand out
• Match the characteristic with its role in business enterprise or entrepreneurship:

  Business Enterprise Innovation ↔️ Developing new offerings to meet market needs

  Entrepreneurship Innovation ↔️ Identifying innovative opportunities in the market

  Business Enterprise Risk-taking ↔️ Taking risks to operate and grow the business

  Entrepreneurship Risk-taking ↔️ Taking risks to start a new business venture
• Business enterprise requires innovation to develop new products
• In business enterprise, the outcome is a functioning, profitable business
• The definition of business enterprise is the act of setting up and running a business
• Entrepreneurs identify market opportunities by spotting gaps in the market
• Innovation helps a business enterprise stand out from competitors

  True
• Match the entrepreneurial characteristic with its description:

  Risk-taking ↔️ Willingness to take on uncertainty

  Innovation ↔️ Developing new solutions

  Opportunity-seeking ↔️ Identifying unmet needs