Chapter 8 - Entrepreneurship Development Write a word or phrase or a term which can substitute each one of the following:

Write a word or phrase or a term which can substitute each one of the following:

An undertaking or adventure involving uncertainty and risk and requiring innovation.

ANSWER:

An undertaking or adventure involving uncertainty and risk and requiring innovation Enterprise.

Explanation:

An enterprise is an organisation or industry that works for earning profits. It undertakes the innovation of goods and services along with the risk involved.

A function of creating something new for an economic activity.

ANSWER:

A function of creating something new for an economic activity Innovation.

Explanation:

Innovation is one of the most important functions of an entrepreneur. Through innovation, the entrepreneur either produces new goods and services or upgrades the existing goods and services as per new trends with a view of creating something new for the society.

A person who is an innovator who introduces new combinations of means of production.

ANSWER:

A person who is innovator who introduces new combination of means of production Entrepreneur.

Explanation:

An entrepreneur is an innovator, as he introduces a new combination of means of production. This combination of means of production can be made by introducing new products, new techniques, new markets, new sources of raw materials, etc.

The process of enhancing entrepreneurial skills and knowledge through structured training and institution-building programmes.

ANSWER:

The process of enhancing entrepreneurial skills and knowledge through structural training and institution-building programmes Entrepreneurial development

Explanation:

Entrepreneurial development refers to the development of entrepreneurial skills and knowledge through various training and development programmes. The prime objective of entrepreneurial development is to enlarge the base of the entrepreneurs so as to increase the pace at which new ventures are started.

The process that motivates a person into action and induces him to continue the course of action for the achievement of goals.

ANSWER:

The process that motivates a person into action and induces him to continue the course of action for the achievement of goals Motivation.

Explanation:

Motivation is the process of encouraging or urging employees to perform to the best of their capabilities so as to achieve the desired goals of the organisation. It is a continuous process, as human wants are unlimited and never ending.

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