ENTREPRENEURSHIP

Detailed explanation-1: -An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.

Detailed explanation-2: -Effectual entrepreneurs begin with their means, rather than goals. Based on who they are, what they know, and who they know (bird-in-hand principle), they imagine courses of action that require them to invest no more than they can afford to lose (affordable loss principle).

Detailed explanation-3: -A great entrepreneur must be able to effectively communicate, sell, focus, learn, and strategize. An ability to continuously learn is not just a key entrepreneurial skill, but also a very valuable life skill. Growing a business requires a sound strategy based on inherent business sense and skills.

Detailed explanation-4: -Effectual reasoning: The process Using these means, the entrepreneurs begin to imagine and implement possible effects that can be created with them. Most often, they start very small with the means that are closest at hand, and move almost directly into action without elaborate planning.