INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -Failure is also a lesson in adaptability. When one idea or approach fails, entrepreneurs must be able to adjust to new conditions and be willing to experiment and test new ideas. Embracing change, staying nimble, and pivoting are part of the adaptability that helps entrepreneurs overcome obstacles, learn, and innovate.
Detailed explanation-2: -In fact, many successful entrepreneurs failed at least once and came back with the wisdom to succeed, such as Steve Jobs, Bill Gates and Ariana Huffington.
Detailed explanation-3: -Most entrepreneurs can develop winning businesses, but a much smaller number ever become financially successful. In many cases, that’s because they don’t understand the nature of the game. The trick here is to recognise that a business isn’t enough to get wealthy. You must also plan and think like a rich person.
Detailed explanation-4: -FAILURE TO ASSESS THE MARKET. This is the single biggest reason businesses fail: 42% go under because there is no market for their product. FAILURE TO BUILD A SUCCESSFUL TEAM. FAILURE TO CREATE A DISTINCT PRODUCT. FAILURE TO GET THE TECH RIGHT. FAILURE TO FINANCE YOUR BUSINESS. 11-Jan-2022