INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The easy growth of the business
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Unique idea nobody has turned into a business yet
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Continued profits at a meteoric rate
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None of the answers are correct
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Detailed explanation-1: -Scalability refers to a business or other entity’s capacity to grow to meet increased demand. A business that can scale up successfully should also benefit from economies of scale, where production costs are spread across more units, resulting in higher profit margins. McKinsey & Company.
Detailed explanation-2: -Scalable growth is growth that can be scaled and sustained without a negative impact on the quality of your services. Achieving it requires structuring your agency to streamline operations and prioritize scalability.
Detailed explanation-3: -Scaling is when revenue increases without a substantial increase in costs, meaning you can support further growth-you could look at it as a more sustainable way of growing.
Detailed explanation-4: -Why is scalability crucial for businesses? Scalability allows a business to grow and generate revenue without being held back by its structure or lack of resources. As a company’s sales volume increases, it can maintain or boost its efficiency.