Provide a comprehensive definition of entrepreneurship.
What will be an ideal response?
bANSWER: Entrepreneurship is the dynamic process of creating incremental wealth. This wealth is created by individuals who assume the major risks in terms of equity, time, and/or career commitment by providing value for some product or service. The product or service itself may or may not be new or unique, but value must somehow be infused by the entrepreneur by securing and allocating the necessary skills and resources.
OR
Entrepreneurship is the ability to create and build a vision from practically nothing: Fundamentally it is a human, creative act. It is the application of energy to initiate and build an enterprise or organization, rather than just watching or analyzing. This vision requires a willingness to take calculated risks—both personal and financial—and then to do everything possible to reduce the chances of failure. Entrepreneurship also includes the ability to build an entrepreneurial or venture team to complement your own skills and talents. It is the knack for sensing an opportunity where others see chaos, contradiction, and confusion. It is possessing the know-how to find, marshal, and control resources (often owned by others).
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Indicate whether the statement is true or false
Identify the correct verb form. A business major, Judy _____ Chinese
A) studys B) studies
________ measures the return earned on the common stockholders' investment in the firm
A) Net profit margin B) Price/earnings ratio C) Return on equity D) Return on total assets