Commerce · Ch 3 — Entrepreneurship Development
Key Terms
Key Terms
- Entrepreneurship — the systematic, purposeful and creative process of identifying a need, mobilising resources and organising production to deliver value, in keeping with the risks of business.
- Enterprise — the business unit created by the entrepreneur; the outcome of the entrepreneurial process.
- Entrepreneurial risks — the uncertainties an entrepreneur bears, since inputs must be paid for whether or not the venture succeeds and profit is never assured; entrepreneurs take calculated, moderate risks.
- Experimentation — trying out novel ideas and treating change as an opportunity to improve.
- Exploration — the search for new opportunities, markets and ways of doing things.
- Rural entrepreneurship — entrepreneurship in agro-based and craft-based rural and cottage industries, an important route for marginalised groups. …