INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Coffee shops
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Restaurants
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Retail shops
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Manufacturing plants
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Detailed explanation-1: -A study by Ohio State University on restaurant failure rates found that 60% of restaurants don’t make it past their first year and 80% close within five years of their grand opening.
Detailed explanation-2: -According to the U.S. Bureau of Labor Statistics (BLS), this isn’t necessarily true. Data from the BLS shows that approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years.
Detailed explanation-3: -Over the past five years, chef Robert Irvine has tried reviving 135 failing restaurants across America for the Food Network show “Restaurant: Impossible, ‘’ now at the start of its 13th season. Of these, 82, or 61%, have closed after their makeovers, according to the blog Food Network Gossip.
Detailed explanation-4: -Food and beverages served at incorrect temperatures. Order mix-ups. Perceived poor value/overpricing. Rude servers. Long waits for seating/service. Inaccurate check calculation. Untidiness. Poor positioning. 24-Mar-2021