ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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make lots of money.
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have an uncertain income
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Either A or B
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None of the above
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Detailed explanation-1: -The payment to entrepreneurship is profit.
Detailed explanation-2: -Uncertain income: Entrepreneurship does not ensure a fixed and stable income like a full-time job. Entrepreneurs have no fixed income, and income is not guaranteed at the initial stage of business. No Fixed Working Hours: Apart from uncertain income, entrepreneurs do not have any fixed working hours.
Detailed explanation-3: -Knight (1921) was the first to explicitly distinguish between risk and true uncertainty (ambiguity). He defines the entrepreneur as the particular kind of individual who bears uncertainty because business decisions practically never concern calculable probabilities (Van Praag, 1999, p. 322).
Detailed explanation-4: -An entrepreneur is accountable and responsible. Being an entrepreneur is not directly related to having an equity stake in a company, but instead showcases the leadership-related points.