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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Forming new business ideas
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Bearing the business’ risks
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Preparing financial statements
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Evaluating the business’ performance
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Detailed explanation-1: -Option d) Day-to-Day conduct of business is not a function of an entrepreneur.
Detailed explanation-2: -Risk-bearing in entrepreneurship means taking responsibility for risks taken and accepting potential losses. As an entrepreneur, you are the first line of defense for bearing risks.
Detailed explanation-3: -The various functions of entrepreneurship are Innovation and creativity, Risk taking and achievement and organization and management, Catalyst of Economic Development, Overcoming Resistance to Change and Research.
Detailed explanation-4: -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.