Enterprise and entrepreneurship Flashcards
What does the term “enterprise” encompass?
Enterprise involves identifying market needs, creating products, adapting techniques, adding value, and more.
How can entrepreneurs identify a market need for a product or service?
By recognizing gaps in the market for existing products or services and creating products to fill those gaps.
What’s the significance of adding value to products or services?
It sets the business apart from competitors and enhances the perceived worth of offerings.
How does entrepreneurship relate to business management?
Entrepreneurs develop, organize, and manage ventures along with associated risks to achieve profitability.
Define entrepreneurship in a nutshell.
Entrepreneurship involves creating, managing, and profiting from a business venture.
How can entrepreneurs contribute to business efficiency and profitability?
They can adapt techniques, develop new products, and identify innovative ways to enhance efficiency and profit.
How does entrepreneurship require a willingness to manage risk?
Entrepreneurs embrace the uncertainty inherent in business ventures and manage risks to achieve profit.
What’s the essence of identifying new ways to increase business efficiency?
It involves finding innovative methods to streamline processes and improve profitability.
How can entrepreneurs differentiate their business from competitors?
By adding value to products/services and creating unique offerings that stand out in the market.
How does innovation play a role in enterprise?
Innovation drives the creation of new products, services, and business practices.
