Flashcards on Entrepreneurship: Definition and History
Entrepreneurship: Definition, History & What is an Entrepreneur?
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Entrepreneurship
10 cards
Card 1
Question: What is the literal origin of the word 'entrepreneur' from French roots?
Answer: 'Entre' meaning "to enter" and 'prendre' meaning "to take".
Card 2
Question: How did Richard Cantillon contribute to the concept of entrepreneurship?
Answer: He coined the term 'entrepreneur' in the early 18th century.
Card 3
Question: How did Jean-Baptiste (a follower of Cantillon) describe the entrepreneur?
Answer: As an "adventurer in the business" who finds inefficiently used resources and reorganises them to be productive and profitable.
Card 4
Question: How did later British economists like Adam Smith, David Ricardo and John Stuart Mill link entrepreneurship?
Answer: They connected entrepreneurship to business management with the aim of making a profit.
Card 5
Question: Give examples of well-known entrepreneurs mentioned who challenged the status quo and took risks.
Answer: Henry Ford, Steve Jobs, Bill Gates, Richard Branson, Mark Shuttleworth, Tokyo Sexwale, Patrice Motsepe, Elon Musk.
Card 6
Question: According to the content, what key behaviour characterises successful entrepreneurs?
Answer: They challenge how things are done in the market and take risks to reap rewards.
Card 7
Question: What is the basic definition of an entrepreneur provided in the content?
Answer: A person who spots a market opportunity or gap and gathers necessary resources (factors of production) to establish a business.
Card 8
Question: How does an entrepreneur try to grow a business venture?
Answer: By creating a loyal customer base through satisfying consumers' wants and needs.
Card 9
Question: What is described as the primary aim of any entrepreneur?
Answer: To generate profit as compensation for the risks taken.
Card 10
Question: Why does an entrepreneur continuously try to make more profit?
Answer: To achieve a bigger reward for the risks taken and to grow the business.