Question at position 6 Which of the following is a defining characteristic of entrepreneurship? Size of the firm Market share of the firm Ability to exploit opportunityNationality of the individual or firm

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Question at position 6 Which of the following is a defining characteristic of entrepreneurship? Size of the firm Market share of the firm Ability to exploit opportunityNationality of the individual or firm

BlackTom AI · Accepted Answer

Question context: Identifying a defining characteristic of entrepreneurship among the given options.
Option 1: 'Size of the firm' — Entrepreneurship is not defined by how large a firm is. Startups and small ventures often exemplify entrepreneurship, while large established firms can be less entrepreneurial if they rely on status quo rather than opportunity-driven action. Therefore, size is not a defining trait.
Option 2: 'Market share of the firm' — Market share reflects competitive position, not the core essence of entrepreneurial activity. An entrepreneur might launch a micro-enterprise with negligible market share or a dominant firm with limited entrepreneurial drive. Thus, market share is not a defining characteristic.
Option 3: 'Ability to exploit opportunity' — This centers on recognizing and acting upon opportunities that others may overlook, assembling resources, and taking calculated risk to create value. This aligns closely with the core concept of entrepreneurship, which emphasizes opportunity exploitation as a defining feature.
Option 4: 'Nationality of the individual or firm' — Entrepreneurship is not determined by nationality; creative venture creation occurs across cultures and borders, and successful entrepreneurship can arise from individuals of any nationality. Nationality is unrelated to the defining essence of entrepreneurial activity.
In summary, the options differ in whether they capture the essence of entrepreneurship. The first two focus on size or market position, which are not universal definitions of entrepreneurship. The fourth emphasizes identity rather than action. The third option foregrounds the central entrepreneurial action: identifying and exploiting opportunities to create value, which is widely recognized as the defining trait in entrepreneurship literature.

Question at position 6 Which of the following is a defining characteristic of entrepreneurship? Size of the firm Market share of the firm Ability to exploit opportunityNationality of the individual or firm

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