Unit 1

Question 1

What is entrepreneurship?

Answer 1

A dynamic and social process in which individuals alone or in collab identify oppertunities for inovation and act apon these ideas

Question 2

What is an entrepreneur?

Answer 2

innovative, creative person that identifys a need, takes a risk and gets rewarded

Question 3

Name the 5 disciplines

Answer 3

economist
behavioural
management science
social
entrepreneurial

Question 4

What are 4 benefits of entrepreneurship to society?

Answer 4

sponsorships
welfare programs
donations to increase standard of living
advisors to respective government

Question 5

What are 4 benefits of entrepreneurship to the indivitual?

Answer 5

flexibility
job satisfaction
selfemployment
improved standard of education

Question 6

Benefits of entrepreneurship to the nation, 4.

Answer 6

economic independence
employment opportunities
crime free environment
increased productivity