Frequently Asked Questions
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What Is an Entrepreneur?
An entrepreneur is someone who creates a new business, subsequently enjoying most of the rewards and bearing most of the risks. Entrepreneurs play an important role in the economy, bringing new ideas to market.
When Was the Term ‘Entrepreneur’ First Coined?
The term ‘entrepreneur’ was first used in a French dictionary compiled by Jacques des Bruslons in 1723. At the time in Britain, the term ‘adventurer’ was often used in the same context as ‘entrepreneur’.
Are There Different Types of Entrepreneurship?
Broadly, there are four main types of entrepreneurship: small business entrepreneurship, scalable start-up entrepreneurship, large company entrepreneurship and social enterprise entrepreneurship.
What Is an Entrepreneurial Resource?
Entrepreneurial resources are any assets owned by a company that have the capacity to create economic value, including assets of both the tangible and intangible variety. Tangible resources are things like buildings, equipment, furniture, land, vehicles, machinery, inventory, stock and cash. Intangible resources include the business’s brand name, know-how, reputation and entrepreneurial networks.
What Is the Difference Between Entrepreneurship and a Small Business?
While there are many similarities between entrepreneurship and a small business, they are different things. Entrepreneurship involves an individual acting on an idea. Although it usually starting out as a small business, the long-term vision of entrepreneurship is to generate high profits and capture market share, ultimately moving beyond the realms of a small business, which tends to operate locally and not have access to huge amounts of capital or resources.
What Are Some of the Characteristics Shared by Entrepreneurs?
There are some characteristics that are shared by many successful entrepreneurs. These include versatility, flexibility, money savviness, resiliency, focus, business acumen and great communication skills.
Why Is Resiliency So Important in Entrepreneurship?
Failure is often part of the entrepreneurial journey, making resiliency important in order for the entrepreneur to keep pushing ahead, despite setbacks that may be encountered along the way. Starting a business is a learning curve that usually has a steep gradient, requiring entrepreneurs to keep going even during difficult times.
What Are the Societal Benefits of Entrepreneurship?
There are many benefits that society derives from entrepreneurship, such as the creation of jobs, a positive impact on community development and an increased standard of living. Entrepreneurship also supports research and development, as it often involves entrepreneurs financing research carried out by institutions and universities as part of testing a new product or service.