ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Agents of change
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Risk takers
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Sociable
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Have a sharp eye for opportunities
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Detailed explanation-1: -AI Recommended Answer: Entrepreneurs should not be a wild risk takers because it can lead to them not succeeding. Wild risk taking can include taking risks that are not in the best interest of the business, such as spending too much money on a new product or idea, without properly planning for potential consequences.
Detailed explanation-2: -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. The level of risk may be lessened, however, if you make all possible calculations and evaluate which options are best before proceeding to the next step.
Detailed explanation-3: -Entrepreneur is an economic man who tries to maximize his profits by innovations. D) strength of the business idea. Richard Cantillon, an Irish man living in France, was the first who introduced the term ‘entrepreneur’ and his unique risk-bearing function in economics in the early 18th century.
Detailed explanation-4: -Entrepreneurs face multiple risks such as bankruptcy, financial risk, competitive risks, environmental risks, reputational risks, and political and economic risks. Entrepreneurs must plan wisely in terms of budgeting and show investors that they are considering risks by creating a realistic business plan. More items