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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aid national economic development
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decreases their business profits
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improves accounting procedures
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reduces sales
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Detailed explanation-1: -Economically, employment provides income to poor families, revives domestic demand for goods and services, and stimulates overall growth.
Detailed explanation-2: -Entrepreneurs boost economic growth by introducing innovative technologies, products, and services. Increased competition from entrepreneurs challenges existing firms to become more competitive. Entrepreneurs provide new job opportunities in the short and long term.
Detailed explanation-3: -Entrepreneurship Accelerates Economic Growth By creating new products and services, they stimulate new employment, which ultimately results in the acceleration of economic development. So public policy that encourages and supports entrepreneurship should be considered important for economic growth.
Detailed explanation-4: -Economists define four factors of production: land, labor, capital and entrepreneurship.