Introduction

Question 1

What is entrepreneurship?

Answer 1

Entrepreneurship is providing value through the identification of a business opportunity, taking risks proportionate to said business opportunity, and the use of communication and managerial skills to mobilize the resources required to realize the project.

Question 2

What are entrepreneurship and its characteristics?

Answer 2

Entrepreneurship is providing value through the identification of a business opportunity, taking risk proportionate to said business opportunity, and through the use of communication and managerial skills mobilizing the resources required to realize the project.”

Question 3

What are the characteristics of an entrepreneur?

Answer 3

Acronym: CCOD
1. Creativity: For entrepreneurs, creativity is a spark that leads to innovation and improvement, through new products, services
or methods of production, this is done through continuous learning and thinking out of the norm

2. Confidence: Entrepreneurs are not born with an innate sense of confidence but instead gain self-esteem and confidence
   in their abilities through action even when they are not confident, which in turn boost their confidence, through the
   results they obtain and the praise they get from those around them
3. Ownership: Entrepreneurs take responsibility for work and do it with care and attention, this is what is called ownership.
   Entrepreneurs don’t just dump responsibility on others but rather jump at the opportunity to find a solution and leave things
   better than they met them
4. Dedication: Entrepreneurs are fully dedicated to their goals and vision, this acts as a source of motivation for them and
   those around them, it also helps them avoid a business pitfall/mistake which is: losing sight of the goal.
5. Determination: Determination is the/drive to achieve success, it is the ability to be persistent and bounce back from failure
   For entrepreneurs their main motivation is not money, instead, it is a success, for them money is just a reward for success.

Question 4

Explain Risk as a characteristic of entrepreneurship

Answer 4

What are the characteristics of entrepreneurship?, “1. Riskbearing: Entrepreneurs are considered risk bearers as they combine the different
factors of production to produce a product, that they are going to sell at an uncertain price in the future, this means
they bear uncertainty. Uncertainty is an incalculable and unensurable risk.

Question 5

Explain organization as a characteristic of entrepreneurship

Answer 5

2. Organization: Entrepreneurs organize, coordinate, and supervise factors of production such as land, labor, and capital to produce products, that they sell, and what is obtained is used to balance the rent, wages, and interest for the respective
   factors of production, and what is left over is theirs to keep. Organization in entrepreneurship aims at achieve this goal

Question 6

Explain Innovation as a characteristic of entrepreneurship

Answer 6

3. Innovation: Innovation is when economic development occurs due to dynamic change caused by an entrepreneur through the
   combination of factors of production in a new way, this could be through the introduction of a new product, method of
   production, market, or more. Innovation though is different from invention as invention is the discovery of a new raw material or method of production, while innovation is the use of inventions or discoveries to come up with a new combination of actors of production.