INTRODUCTION TO ENTREPRENEURSHIP
CHARACTERISTICS OF AN ENTREPRENEUR
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Ability to carry out R&D
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Ability to raise finance
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Ability by the entrepreneur to carry out multiple tasks
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Ability by the entrepreneur to act on new ideas or product development
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Detailed explanation-1: -Answer: The ability to raise finance is an advantage of the small firm in the innovation process.
Detailed explanation-2: -Smaller firms can react more quickly to input from customers or challenges from competitors, and evolve their busi-ness models more rapidly. In many cases they can learn faster than larger firms and they are faster in decision-making so they potentially have a competitive advantage in fast changing markets.
Detailed explanation-3: -Innovation is often necessary for companies to adapt and overcome the challenges of change. It fosters growth: Stagnation can be extremely detrimental to your business. Achieving organizational and economic growth through innovation is key to staying afloat in today’s highly competitive world.