Flash Cards: Entrepreneurship
This chapter discusses the key aspects of entrepreneurship in biotechnology, emphasizing its role in economic development and innovation.
Entrepreneurship - Flash Cards
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What is an entrepreneur?
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An entrepreneur is an individual who undertakes an activity foreseeing a business opportunity, organizes resources needed for starting the enterprise, and bears the associated risks.
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What does 'entrepreneur' mean?
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The term 'entrepreneur' is derived from the French word 'enterprendre,' meaning 'to undertake'.
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How do entrepreneurs contribute to the economy?
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Entrepreneurs create jobs, foster innovation, and stimulate economic growth by bringing new products and services to the market.
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List three characteristics of successful entrepreneurs.
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Successful entrepreneurs exhibit initiative, adaptability, and self-confidence.
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What role do entrepreneurs play in employment?
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Entrepreneurs create employment opportunities, which enhances the standard of living and purchasing power of people.
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Define entrepreneurship.
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Entrepreneurship is the process of starting and managing a new business venture to make a profit by organizing resources effectively.
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What is the significance of risk-taking in entrepreneurship?
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Risk-taking is essential as entrepreneurs must navigate uncertainties to achieve long-term success with their ventures.
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What is the relationship between entrepreneurship and innovation?
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Entrepreneurs are often the prime movers of innovation, introducing new ideas, products, and processes in the marketplace.
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What does self-employment empower individuals to do?
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Self-employment empowers individuals to take control of their careers and contribute to community development.
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Give an example of a successful biotech entrepreneur.
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Examples include Howard Schultz from Starbucks, who leveraged technology in the food industry.
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What are some contemporary challenges faced by biotech entrepreneurs?
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Biotech entrepreneurs face regulatory hurdles, high research costs, and competition in the rapidly evolving market.
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Differentiate between an entrepreneur and an intrapreneur.
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An entrepreneur starts and runs their own business; an intrapreneur is an employee within a company driving innovation.
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What is the role of community development in entrepreneurship?
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Community development is enhanced through diversified employment opportunities provided by small entrepreneurial units.
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What legislation affects biotechnology entrepreneurship?
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Contemporary legislation includes regulations on patents, bioethics, and safety in biotech-related ventures.
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What qualities make an entrepreneur successful?
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Key qualities include initiative, risk-taking, adaptability, knowledge and skills, and self-confidence.
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How did the IT revolution impact entrepreneurship in India?
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The IT revolution spurred the growth of ancillary industries, creating numerous employment opportunities and fostering innovation.
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What is a common mistake made by aspiring entrepreneurs?
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A common mistake is underestimating the importance of thorough market research before launching a business.
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What benefits do governmental schemes provide to entrepreneurs?
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Government schemes offer funding assistance, tax benefits, and resources to support the development of entrepreneurial ventures.
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Explain the process of capital creation by entrepreneurs.
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Entrepreneurs bring together financial, human, and physical resources to create viable business enterprises and generate wealth.
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How does adaptability benefit an entrepreneur?
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Adaptability allows entrepreneurs to respond effectively to changes in the market and business environment, ensuring long-term success.
