BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
risk taking characteristics
|
|
|
entrepreneusim
|
|
|
enterpreneurship
|
|
|
enthusiasm
|
Detailed explanation-1: -Entrepreneurs are comfortable with uncertainty. Risk aversion is a predictor of whether an individual will become an entrepreneur (low-risk aversion) or stay an employee (high-risk aversion.) Entrepreneurs take risks because they’re necessary to start and grow a business.
Detailed explanation-2: -Risk-taking in entrepreneurship is the process of identifying, evaluating, mitigating, and trying out potential opportunities and strategies that may help you build or grow your business but could also lead to personal or professional loss.
Detailed explanation-3: -This isn’t meant to scare you into avoiding starting your own business, but to showcase the reality of entrepreneurship. Successful entrepreneurship involves taking risks. Countless entrepreneurs have taken risks to get their businesses to where they are now.
Detailed explanation-4: -Generally speaking, entrepreneurs take risks as it allows them to distinguish themselves from their competitors. In the competitive business environment that exists today, those who are willing to position themselves as risk-takers position themselves as leaders as well, while others get left behind.