1.1.2 The role of entrepreneurship

• What is a key difference between entrepreneurship and employment in terms of risk-taking?

  High vs. Low
• What is the primary focus of managers in a business?

  Day-to-day operations
• Risk-taking in entrepreneurship can lead to higher profit potential and business growth.


  True
• Entrepreneurs are characterized by their willingness to take high levels of risk.
• Entrepreneurs value independence and are highly self-directed in their work.
• Match the function of entrepreneurs with its description:

  Identifying Opportunities ↔️ Spotting unmet needs in the market

  Taking Risks ↔️ Assuming financial and operational risks

  Organizing Resources ↔️ Assembling and managing capital, personnel, and technology

  Innovating ↔️ Developing new products and processes
• Employees typically have jobs with higher risk compared to entrepreneurs.

  False
• Which entrepreneur is cited as an example of successful innovation and creativity?

  Elon Musk
• Entrepreneurs are crucial drivers of economic growth because they foster competition, create jobs, and improve productivity.
• What is the process of starting and running a business to make a profit called?

  Entrepreneurship
• Entrepreneurs take risks and innovate to create new products, services, or businesses
• Employees typically have more stable jobs with lower risks compared to entrepreneurs.


  True
• Order the key functions of entrepreneurs as they typically occur:

  1️⃣ Identifying Opportunities

  2️⃣ Taking Risks

  3️⃣ Organizing Resources

  4️⃣ Innovating
• What is the role of entrepreneurs in a business?

  Starting and growing the business
• What type of leadership style do entrepreneurs typically adopt?

  Visionary and inspirational
• Entrepreneurs focus on operational and immediate decision-making.

  False
• Risk-taking in entrepreneurship involves investing resources in uncertain business ventures with the potential for significant returns.
• Entrepreneurs use creative thinking to identify and meet evolving customer demands.
• How do entrepreneurs reduce unemployment?

  By creating job opportunities
• Entrepreneurs take on financial risks to create new products or services.

  True
• Match the role with its description:

  Entrepreneur ↔️ Creates and develops a business

  Manager ↔️ Oversees day-to-day operations
• Steve Jobs took a risk by leaving his job at Atari to start Apple Computer, which became a highly innovative company
• Entrepreneurs primarily focus on efficiency and stability rather than growth and opportunities.

  False
• What drives entrepreneurs to start businesses?

  Identifying new opportunities
• What type of risks do entrepreneurs assume when starting a business?

  Financial and operational
• Which entrepreneur is mentioned as an example of successful risk-taking?

  Steve Jobs
• Entrepreneurs contribute to economic growth by creating new products and business models.

  True