ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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are not subject to risk from business decisions
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own all the other resources
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come up with new ideas about what, how, when and where to produce
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organize all labor, land, and capital
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Detailed explanation-1: -Keep an eye on current events and trends that are creating new market needs. Look for new markets or gaps in an existing market. Consider different pain points in your life and how a product or service might solve them. Create a business name and write up a business plan before you launch.
Detailed explanation-2: -Books, textbooks, research journals, trade magazines, patent registries, databases and the internet are all great sources of business ideas. Reading business publications such as Inc., Entrepreneur or Fortune magazine might stimulate your creative thinking too. Anyone can stumble across a new product or service idea.
Detailed explanation-3: -Innovators Innovators are the types of entrepreneurs who come up with completely new ideas and turn them into viable businesses.
Detailed explanation-4: -Innovative Entrepreneur: These are the ones who invent the new ideas, new products, new production methods or processes, discover potential markets and reorganize the company’s structure.