Entrepreneurship Flashcards, test questions and answers

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What is Entrepreneurship?

Entrepreneurship is a term defined as the creation or organization of a business venture involving calculated risk in an effort to make a profit. It is the process of designing, launching and running new businesses. Entrepreneurs are people who take risks to own and run their own businesses. They are innovators, visionaries, and risk-takers who create unique products or services that allow them to generate wealth for themselves and their families.Being an entrepreneur requires dedication, hard work, and perseverance; it also requires creativity and the ability to think outside the box. An entrepreneur must be able to identify opportunities in order to capitalize on them; this means having an eye for potential markets or gaps in service offerings that can be filled with innovative ideas. Additionally, entrepreneurs must have strong problem-solving skills so they can navigate challenges as they arise while striving toward long-term goals. In order to be successful, entrepreneurs need financial support in order to cover startup costs such as marketing expenses or employee salaries among other things. This financial support can come from investments from family members or friends, bank loans, crowdfunding campaigns, grants from organizations such as foundations or governments, angel investors and venture capitalists among others. Entrepreneurship has become increasingly popular over recent years due its potential for high returns on investments within potentially short periods of time; however it does come with some risks associated with it including market downturns which could lead to loss of funds if not managed carefully. Nevertheless , entrepreneurship remains popular because of its potential for creating wealth , job creation , innovation in areas where there may have been stagnation before , access to global markets , diversification of economies amongst others. In summary , entrepreneurship is a risky endeavor but one which offers great rewards if managed correctly ; those interested should research thoroughly before embarking on such an endeavor so they are prepared for any eventuality that may arise during their venture’s life cycle .