ENTREPRENEURSHIP AND THE GLOBAL ECONOMY
CULTURAL DIFFERENCES AND ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Learn from others that have already done it
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take a risk and jump right in
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get experience first
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take over a successful firm
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Detailed explanation-1: -Different types of risk in entrepreneurship According to the Harvard Business Review, business risks are bucketed into three categories: preventable risks, strategy risks, and external risks.
Detailed explanation-2: -Aggressive risk taker – a very high risk taker This is the characteristic of an entrepreneur who is not scared to take any risks in business and is extremely goal driven.
Detailed explanation-3: -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.
Detailed explanation-4: -Funding of capital. Adequate cashflows. Social and family pressures. Interference with personal lives. psychological pressure. Lack of motivation.