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What is the simple meaning of entrepreneurship?

Answer and explanation

Correct answer: Initiative to start a new work or business

The direct answer is option B: entrepreneurship means taking the initiative to start a new work, enterprise or business. An entrepreneur identifies an opportunity, plans an activity, uses skills and resources, and accepts a reasonable risk in trying to create value or earn income. Option A is wrong because leaving every work is not initiative or productive enterprise. Option B is correct because starting something new through one’s own initiative is the central simple meaning of entrepreneurship. Option C is wrong because depending entirely on others’ decisions is the opposite of initiative and independent action. Option D is wrong because learning skills, planning and improving knowledge are useful parts of entrepreneurship. Entrepreneurship may lead to self-employment, but it can also create work for others; it is not merely opening a shop without planning. The word “initiative” is the important clue. Memory cue: entrepreneur = idea, initiative, planning and managed risk.

Related tags

EntrepreneurshipSelf-EmploymentInitiative

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