Question

Define the term Entrepreneurship.

Hint:

Entrepreneurs transform ideas into businesses by combining creativity, risk-taking, and management.

Answer 1

Entrepreneurship is the process of identifying a business opportunity, mobilizing resources, taking calculated risks, and managing a new venture to create goods or services with the aim of making a profit. Entrepreneurs play a crucial role in economic development by introducing innovations, creating jobs, and improving living standards.
Important aspects of entrepreneurship:

• Innovation: Introducing new products, services, or methods.
• Risk-taking: Willingness to face uncertainties in business.
• Resource management: Efficient use of money, labor, and materials.
• Business planning: Setting goals and strategies to achieve them.
• Profit motive: The aim to earn profit and sustain the business.

Entrepreneurship encourages economic growth and can lead to increased competitiveness in the market.