Question

The whole process of setting up a new business is called ______.

Options

• entrepreneurship

• enterprise

• Both (1) and (2)

• None of the above

Answer 1

entrepreneurship

Explanation -

Entrepreneurship refers to the entire process of starting a new firm. An enterprise is the end outcome of the entrepreneurship process, i.e. the firm that is formed as a result of the process. Thus, a 'entrepreneur' is someone who goes through the 'process of entrepreneurship' to start a business.