1.A The Concept Of Entrepreneurship

Question 1

What makes an entrepreneur?

Answer 1

Pursuit of business opportunities, innovation and seeking growth.

Question 2

Define the pursuit of business opportunities.

Answer 2

A key feature of entrepreneurship is pursuing sources of business opportunities, such as gaps in the market. An entrepreneur may seize on other opportunities, such as changes in customer needs, technological developments, global markets, or innovations.

Question 3

Define innovation.

Answer 3

It is a key feature of entrepreneurship involving change, improvement and/or transformation of a product. Innovation is frequently used by entrepreneurs as a source of business opportunity — to meet the needs and wants of customers or to take advantage of change.

Question 4

Define seeking growth.

Answer 4

Not content to stay the same, an entrepreneur will seek new trends, explore new products and new approaches so that the business increases in size.
Growth is necessary for the survival of a new business. Becoming bigger would be expected to lead to increased sales and market share, and greater profit.

Question 5

Define entrepreneurship.

Answer 5

The act of starting or operating a new business in response to opportunities, assuming all the risks with the hope of making a profit.