ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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someone who takes risks to start a business
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a person who has a job
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someone who runs a business
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a manager for a business
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Detailed explanation-1: -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-2: -Learn about the challenges facing entrepreneurs as they start new businesses.
Detailed explanation-3: -Innovation and opportunity are tied to risk Business leaders accept risk as a cost of opportunity and innovation. They know it cannot happen if you will not accept the risk that your undertaking might fail.
Detailed explanation-4: -Risks are a fundamental part of being an entrepreneur. Joseph Shumpeter is the one who introduced the Innovative Theory. According to him risk taking is completely one’s own personal decision in which he is ready to bear loss in form of resources as well in form of capital.
Detailed explanation-5: -Coasting, opportunity comes to them (or it doesn’t) Conservative (very moderate use of resources, protecting existing resources) Aggressive (proactive, all-in, actively seeks opportunity) Innovator/Revolutionary (attains growth through innovation)