ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Total revenues < Total expenses
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Total revenues = Total expenses
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Total revenues > Total expenses
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None of the above
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Detailed explanation-1: -Profit is calculated as total revenue less total expenses.
Detailed explanation-2: -An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise. An entrepreneur is an agent of change.
Detailed explanation-3: -Is a proactive process of developing a business venture to make a profit. It involves seeking opportunities for a market, establishing and operating a business out of the opportunity, and assessing its risks and rewards through close monitoring of the operations.
Detailed explanation-4: -Customer Relations Service An entrepreneur should know how to build trust and long-term relationships with customers.
Detailed explanation-5: -Knowing and understanding customer needs is at the centre of every successful business, whether it sells directly to individuals or other businesses. Once you have this knowledge, you can use it to persuade potential and existing customers that buying from you is in their best interests.