ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Acceptance of risks
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The creation process
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Devotion of time and effort
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Monetary and non-monetary rewards
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Detailed explanation-1: -Entrepreneurship is defined as “creating something new with value by devoting necessary time and effort, assuming the accompanying financial, psychic and social risks and receiving the resulting rewards of monetary and personal satisfaction of independence” (Hisrich, 1).
Detailed explanation-2: -Joseph A. Schumpeter, “Entrepreneur is a person who foresees the opportunity and try to exploit it by introducing a new product, a new method of production, new market, new source of raw material or new combination of factors of production.”
Detailed explanation-3: -Feedback from consumer is a group method of generating new ideas for entrepreneurs.
Detailed explanation-4: -The entrepreneurship process involves the identification, evaluation, and implementation of new business ideas. The process also incorporates establishing new business firms and organizations. Innovation also becomes an integral part of the process.