INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
True
|
|
|
False
|
|
|
Either A or B
|
|
|
None of the above
|
Detailed explanation-1: -Entrepreneur vs Innovator A successful business is usually based on an innovation and built by an entrepreneur. Innovators create new products, services, or ways of doing things while entrepreneurs turn those ideas into viable businesses concepts.
Detailed explanation-2: -Unlike other fields like sports that require an inborn physical talent and endurance, entrepreneurship is just a series of good decisions backed by hard work. To become successful, entrepreneurs need education (not necessarily formal) and experience. Those things are not qualities people are born with.
Detailed explanation-3: -Entrepreneurs tend to be classified as those who take on high-growth, high-risk innovations while small business owners oversee an established business with an established product and customer base.
Detailed explanation-4: -Forgetting the Competition. Everyone has a competitor. Not Spending Enough Cash (or Spending Too Much) Making Hiring Decisions Based on Cost. Thinking It’s All On You. Putting Your Product First. Making Your Margins Too Small. 22-Dec-2020