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What is the definition of entrepreneurship?
Creativity and ability to establish, develop and organize and expand a business with the intent to earn profit through self-employment.
How does biological science contribute to the business world?
It helps develop new drugs, therapies, and medical technologies, improving healthcare outcomes and generating revenue.
What role does agriculture play in today's business?
It informs modern agricultural practices, develops new crop varieties, improves livestock breeding, and enhances food safety.
What are the implications of biomedical devices and equipment in business?
They contribute to the development of diagnostic tools, imaging systems, and surgical instruments, representing a significant market in healthcare.
What are environmental and energy solutions in the business context?
They develop sustainable solutions using biological processes to address environmental challenges.
Why is research and development important for companies?
It helps companies invest in biological research to remain competitive in the market.
What does corporate social responsibility (CSR) entail?
An ethical commitment to benefit society beyond profit, considering the impact on stakeholders.
What is an example of CSR implementation?
A large retailer reducing carbon footprint by switching to renewable energy and supporting local initiatives.
What do tech startups and innovative companies consider as part of social responsibility?
Data privacy, social innovation, and ethical AI and automation in their operations.
What characterizes social enterprises and non-profits?
They exist to serve social purposes and measure success by social impact.
What are business ethics?
Principles and standards that guide appropriate business practices and policies in the workplace.
How does consumerism function as a social force?
It safeguards consumers from harmful products and malpractice by imposing moral and economic pressure on businesses.
What are the components of Maslow's Hierarchy of Needs related to business?
Unlimited needs, limited needs, psychological needs, safety needs, belongingness and love needs, esteem needs, self-actualization needs.
What are the five key approaches to managing limited resources?
Sustainability, education and training, infrastructure development, innovation and technology, inclusive policies.
What does sustainability involve in business practice?
Responsible use of natural resources to minimize waste.
How does education and training enhance human capital?
By investing in education to improve the skills and capabilities of individuals.
What is the significance of infrastructure development in managing resources?
It builds and maintains infrastructure necessary for supporting economic activities.
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