ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A person who starts a new business
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A leader of a country
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A worker in a factory
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A student in college
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Detailed explanation-1: -An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.
Detailed explanation-2: -What is an entrepreneur? According to the Oxford Dictionary, an entrepreneur is “a person who organizes and operates a business or businesses, taking on greater than normal financial risks to do so.” This means that many entrepreneurs are just starting out with a business.
Detailed explanation-3: -Innovative entrepreneurs create their businesses with the intent of bringing completely new products or new ideas to market.
Detailed explanation-4: -Startups are founded by one or more entrepreneurs who want to develop a product or service for which they believe there is demand. These companies generally start with high costs and limited revenue, which is why they look for capital from a variety of sources such as venture capitalists.
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)