INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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bravely continuing the project even when attaining profit is not certain
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willing to take calculated risk
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continuing the project albeit experiencing loss
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bearing maximum loss
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Detailed explanation-1: -But calculated risk is about just that-calculations. It’s careful analysis of what you stand to gain against what you could lose. The best entrepreneurs and business owners leverage calculated risk to grow their businesses and inform their decisions by taking luck out of the equation.
Detailed explanation-2: -Risk-taking in entrepreneurship is the process of identifying, evaluating, mitigating, and trying out potential opportunities and strategies that may help you build or grow your business but could also lead to personal or professional loss.
Detailed explanation-3: -Calculated risk-taking means understanding every little detail you can about the risk. This will help you discover any red flags and potential issues beforehand, and you will be ready with the answers or at least have a fair understanding of the possible setbacks.
Detailed explanation-4: -Most entrepreneurs are risk-takers by nature, or at minimum calculated visionaries with a clear plan of action to launch a new product or service to fill a gap in the industry.
Detailed explanation-5: -“Entrepreneurs are not inherent risk takers, but rather calculated risk takers, ‘’ says Chin Beckmann, CEO & Co-Founder of DSP Concepts in Santa Clara, California.