Entrepreneurs who refuse to use opportunities on their doorsteps but strongly stick to their set practices are called

Here are the answers to the fill-in-the-blank questions: 1. Entrepreneurs who refuse to use opportunities on their doorsteps but strongly stick to their set practices are called conservative entrepreneurs. 2. Entrepreneurs who share ownership, commitment and responsibilities of a business and represent a dynamic intersection of love in business are called family business owners. 3. Profit maximization is the primary goal of all business ventures. 4. Frank Knight considered risk taking in business as a control characteristic of entrepreneurship. 5. In business, when a bad and unprofitable idea is mistakenly adopted, it results to losses. 6. Before a business idea is deemed worthy to move to the next level of investigation, it should pass feasibility test. 7. Benefit, need and method are the make-up of business concept. 8. Rejection of a good and profitable idea will result to missed opportunity. 9. Brainstorming is the most widely used technique for applying creativity. 10. Bootstrapping is an arrangement whereby the entrepreneur grows his/her business without accessing loans from outside. 11. Family business has one common disadvantage of succession issues. 12. Mind mapping is the method where a new idea is developed through a list of related issues. 13. Intrapreneurship requires decision makers to think innovatively. 14. Smart pragmatic tripod involves opportunity-identification, exploitation and resource mobilization. 15. Frank Knight introduced the risk bearing uncertainty. 16. The transfer of ownership and management of a company from one person to another in family business called succession planning. 17. Incubate, imagine, improve and invest are referred to as the four I's of innovation. 18. A growth strategy that involves developing new products for new markets is known as diversification. 19. The consolidation of two or more firms into a single business with a common ownership and management is referred to as merger. 20. Not cheating even when it is the only way to win is one of the general ethical guides. 21. In entrepreneurship, when something new and valuable is added, it is known as innovation. 22. Intellectual property legal concept which refers to the creation of the mind for which exclusive rights are recognized is called intellectual property. 23. One of the characteristics of creativity is originality. 24. New product planning, development and commercialization means new product development process. 25. An employee who is tasked with developing an innovative idea or project within a company is called intrapreneur. Drop the next question! 📸