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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are small firms that yield a level of income for their owner(s) that is similar to what they would earn when working for an employer
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bring to market new products and services that are not particularly innovative
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provide their owner(s) the opportunity to pursue a particular lifestyle and earn a living while doing so
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bring new products and services to market by creating and seizing opportunities
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Detailed explanation-1: -Entrepreneurial firms are companies that bring new products and services to the market by creating and seizing opportunities. Definition (2): “A firm which undertakes risky ventures and engages in product-market innovation is called an entrepreneurial firm.
Detailed explanation-2: -By bringing innovation to every aspect of businesses, entrepreneurial ventures enhance production utilizing the existing resources in the most effective ways. Entrepreneurs develop new markets by introducing new and improved products, services, and technology.
Detailed explanation-3: -Innovative entrepreneurship Innovative entrepreneurs are people who are constantly coming up with new ideas and inventions. They take these ideas and turn them into business ventures. They often aim to change the way people live for the better. Innovators tend to be very motivated and passionate people.
Detailed explanation-4: -Founder. An entrepreneur who brings a new firm into existence. Franchisee. An entrepreneur whose power is limited by a contractual relationship with a franchising organization.