INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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they maximise profits by providing various goods and services
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they always try to upgrade their life
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they try to contribute toward economic development of the country
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they try to overcome competitors using various ways.
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Detailed explanation-1: -What is the Difference Between Entrepreneur and Businessman? An entrepreneur is an individual having an exclusive idea to establish a new venture. A businessman is an individual who establishes a business with an old business idea.
Detailed explanation-2: -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-3: -By creating new businesses, entrepreneurs not only provide jobs but also intensify competition and may even increase productivity through technological change. Consequently, high levels of measured entrepreneurship translate to high levels of economic development in a country.
Detailed explanation-4: -The first and perhaps most obvious factor affecting entrepreneurship in developing countries is the lack of capital and financial innovation. Many people in these countries have limited personal savings and lack the necessary capital to start their own business.