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Entrepreneurship: Concept and Functions — Entrepreneurship STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEntrepreneurshipEntrepreneurship: Concept and Functions3 Marks
Question
Differentiate between entrepreneur and entrepreneurship.
✓

Answer

Entrepreneur
Entrepreneurship
An entrepreneur is a person who bears the risks, combines various factors of production and brings new ideas and carries out creative innovations.
Entrepreneurship is the set of activities performed by an entrepreneur.
An entrepreneur is an individual, responsible for identifying a business opportunity and taking it from idea to implementation i.e., one man activity.
It is a process involving various actions to be undertaken to establish enterprise. It involves multi-pronged activities.
Entrepreneurs are tangible people.
Entrepreneurship is an abstraction.
He/ she is an individual or one of a group of individuals who try to create something new.
In entrepreneurship process an entrepreneur identify opportunities, organise all resources and find new market to foothold in the market attempt to create value.

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