ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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are small firms that yield a level of income for their owner(s) that is similar to what they would earn when working for an employer
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bring to market new products and services that are not particularly innovative
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provide their owner(s) the opportunity to pursue a particular lifestyle and earn a living while doing so
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bring new products and services to market by creating and seizing opportunities
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Detailed explanation-1: -The correct answer is E) bring new products and services to market by creating and seizing opportunities. One of the core characteristics of an entrepreneur is the ability to find, create and seize opportunity to benefit from it in the market.
Detailed explanation-2: -Entrepreneurial firms are the firm’s that bring new products and services to market by recognizing and seizing opportunities regardless of the resources they currently control. Entrepreneurial firms stress innovation, which are not the case for salary-substitute and lifestyle firms.
Detailed explanation-3: -Entrepreneurial opportunity is the point at which identifiable consumer demand meets the feasibility of satisfying the requested product or service. In the field of entrepreneurship, specific criteria need to be met to move from an idea into an opportunity.
Detailed explanation-4: -Entrepreneurs develop new markets by introducing new and improved products, services, and technology. Thus, they help generate new wealth and add more to the national income. So the government can offer the citizens more national benefits.
Detailed explanation-5: -Entrepreneurs boost economic growth by introducing innovative technologies, products, and services. Increased competition from entrepreneurs challenges existing firms to become more competitive. Entrepreneurs provide new job opportunities in the short and long term.