(P) Lesson 1: Entrepreneurship: Evolution, Revolution and Education (PPT Based) Flashcards
Who said this? “Entrepreneurs assume and organize the risk of a business in return for profits.”
Richard Cantillon (1725) bading
What law of markets did Jean Baptists Say
He (1803), a french economist, say “Supply creates its own demand”
What did Joseph Schumpeter refer to that is known as creative destruction?
dynamic economic growth
___ and ___ was introduced by the 18th century economists.
analysis and discussion
In the 20th century, entrepreneurship is synonymous or closely linked to?
free enterprise and capitalism.
T or F. In the 20th century, entrepreneurs are considered heroes of free enterprise. Many of them have used innovation and creativity to build multimillion-dollar enterprises from fledgling businesses in less than a decade.
F (21st century)
they independently own and operate a small business
small business owners
T or F. Entrepreneurs include those who purchase already established business as well as franchise.
F (small business owner)
Entrepreneurs recognise ____ where others see chaos, contradiction, and confusion
opportunities
aggressive catalysts for change within a marketplace
entrepreneur
It is a dynamic process of vision, change, and creation.
Entrepreneurship
It requires an application of ___ and ___ toward the creation and implementation of innovative ideas and creative solutions.
energy and passion
As an entrepreneur, you must be willing to take what in terms of time, equity or career?
calculated risks
As an entrepreneur, you must have the ability to formulate a/an?
effective team
As an entrepreneur, you must have the creative skill to?
marshal resources
As an entrepreneur, you must have the fundamental skill of building a/an?
solid business plan
As an entrepreneur, you must have the vision to recognise?
opportunity
Myth or threw. Entrepreneurs are doers, not thinkers
Myth
Myth or threw. Entrepreneurs are made, not born
threw
There is a saying (myth) that Entrepreneurs are always?
inventors
Myth or threw. Entrepreneurs are academic and social misfits
Meat