BUSINESS ADMINISTRATION
ENTREPRENEURIAL DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Creative activity
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Gap filling function
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Economic activity
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Innovation
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Detailed explanation-1: -Gap-filling function – The gap between human needs and the available products and services gives rise to entrepreneurship. An entrepreneur identifies this gap and takes necessary steps to fill the gap.
Detailed explanation-2: -Gap-Filling Function: Entrepreneur takes up the job of meeting human needs with that of products and services required to satisfy them. He is the one responsible to understand and identify this gap or business opportunity and bridge them by taking requisite steps.
Detailed explanation-3: -The Importance of Entrepreneurship Entrepreneurs play a pivotal role in the growth of the economy. They spur industry innovations, create new market opportunities, and support the development of communities.