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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less than 20 %
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between 40% and 60%
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between 20% and 40%
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more than 60 %
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Detailed explanation-1: -People turn to entrepreneurship because 29% want to be their own boss. However, about 20% of businesses fail within the first year if there’s no market for their product or service.
Detailed explanation-2: -Of the 28.8 million small businesses in America, 19% are owned by families. “Family-owned” means “any business in which two or more family members operate the company, and the majority of ownership or control lies within a family.”
Detailed explanation-3: -What we know about the failure rate of small businesses. According to data from the Bureau of Labor Statistics, as reported by Fundera, approximately 20 percent of small businesses fail within the first year. By the end of the second year, 30 percent of businesses will have failed.