ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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risk-taking
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independent
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responsible
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Business Plan
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Detailed explanation-1: -Some risks may not pay off, but an optimistic risk-taker will always look at failure as an opportunity to learn. Social Media Examiner owner Michael Stelzner writes that the willingness to experiment with new ideas is key to business growth. As he puts it, “nothing ventured, nothing gained.”
Detailed explanation-2: -By taking risks, entrepreneurs can try different ideas, assess the success of those ideas, and learn about market trends to be more successful when the next idea is tried.
Detailed explanation-3: -Risk taking inspires people, creates a future, and defines new directions. On the other hand, recklessness can be rash, careless, unlimited, foolhardy, and desperate.
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
Detailed explanation-5: -Develop a system for assessing risk. Move past the fear of failure. Think about the upside of change. Find ways to take on incremental risk. More items •02-Nov-2021