INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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On the availability of equally challenging entrepreneurial opportunities.
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Upon a simultaneous engagement in an analysis of the failed business.
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On having evaluated and absorbed the lessons learnt from the failed business.
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Thoughts about the events surrounding, and leading up to the loss of the business, no longer generate a negative emotional response.
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Detailed explanation-1: -When would an entrepreneur be pronounced to have recovered from the grief of a lost business? Thoughts about the events surrounding, and leading up to the loss of the business, no longer generate a negative emotional response.
Detailed explanation-2: -An entrepreneur with loss-orientation would talk about the business-failure with a close friend or relative. An entrepreneur’s recovery from grief is detrimental to society.
Detailed explanation-3: -Knowing and understanding customer needs is at the centre of every successful business, whether it sells directly to individuals or other businesses. Once you have this knowledge, you can use it to persuade potential and existing customers that buying from you is in their best interests.
Detailed explanation-4: -Entrepreneur: “A person who starts a business and is willing to risk loss in order to make money.” This is the Merriam-Webster definition open in new of the word “entrepreneur.” But it’s so much more than that, isn’t it? It’s about passion. It’s about recognizing opportunities and generating innovative, creative ideas.