Concept of Entrepreneurship KK1

Question 1

Entrepreneurship

Answer 1

Entrepreneurship is the process whereby a person creates and operates a new business, usually in response to opportunities, while taking on the risk of the venture in the hope of making a profit.

Question 2

which three concepts uphold entrepreneurship

Answer 2

Entrepreneurship focuses on the following three ideas:

1) Pursing Business Opportunities

2) Innovation

3) Seeking Growth

Question 3

what does entrepreneurship involve

Answer 3

Entrepreneurship can involve seizing opportunities, such as gaps in the market that no one else has noticed or attempted to fill. These gaps can be goods or services that we have never thought of previously but benefit us tremendously.

Question 4

Innovation

Answer 4

Entrepreneurship can involve changing, improving and/or transforming a good or service. Innovation is the process of creating new products or ways of doing business. It involves improving existing products (which creates a new product) to meet the needs and wants of consumers.

Question 5

Seeking growth

Answer 5

Entrepreneurship can involve growing (expanding) your business, which is a business objective (something a business owner hopes to achieve). Entrepreneurs will take risks in order to grow their business.
They will seek new trends and explore new products and approaches.

Question 6

perusing business opportunities

Answer 6

Entrepreneurship can involve seizing opportunities, such as gaps in the market that no one else has noticed or attempted to fill. These gaps can be goods or services that we have never thought of previously but benefit us tremendously.