INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Money left over after expenses
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Reason entrepreneurs take risks
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Economics of one unit
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Profit calculated as percentage of sales
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Detailed explanation-1: -The profit motive refers to an individual’s drive to undertake activities that will yield net economic gain. Because of the profit motive, people are induced to invent, innovate, and take risks that they may not otherwise pursue.
Detailed explanation-2: -Disadvantages of a Profit Motive There’s a real danger for allowing businesses to run purely based on the idea that more is better. Without ethical regulation of companies, they can cause environmental disasters, human rights violations and the sacrifice of worker safety.
Detailed explanation-3: -The following are illustrative examples of the profit motive. A cafe extends their hours and starts serving breakfast in order to increase sales. A company seeks to produce a higher quality solar panel than the competition in order to increase revenue.
Detailed explanation-4: -The main objective of every business is to earn profits. Assertion :Every business should try to maximise profit by all means. Reason: Primary objective of a business is to earn profits.