ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Bodily takes calculated risk
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Creative and innovative
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Demands quality results
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Finds opportunity in crisis
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Detailed explanation-1: -And one of the stark differences between a gambler and an entrepreneur is his approach towards taking risk and handling its consequences. For e.g. a gambler bets randomly for instant gratification but an entrepreneur is in for the long haul and takes calculated risks.
Detailed explanation-2: -Both are risk-takers in different ways. An entrepreneur is pursuing a calculated risk based on some market study and probably extensive business plans. On the other hand, a gambler is also a risk-taker but on a blind risk basis.
Detailed explanation-3: -“Entrepreneurs are not inherent risk takers, but rather calculated risk takers, ” says Chin Beckmann, CEO & Co-Founder of DSP Concepts in Santa Clara, California.
Detailed explanation-4: -Calculated risk in business is defined as, “…a carefully considered decision that exposes a person to a degree of personal and financial risk that is counterbalanced by a reasonable possibility of benefit.”