INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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You are creating something that is uniquely your own
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The business will make profits quickly
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The business will have name and brand recognition
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Your start-up costs will be small
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Detailed explanation-1: -A well-developed business idea gives you both active and passive income streams. Active income is paid to you as you perform work for clients or sell a product. In other words, you get paid for work done. Passive income, on the other hand, is money coming in while you sleep, earn active income and travel.
Detailed explanation-2: -Business models are important for both new and established businesses. They help new, developing companies attract investment, recruit talent, and motivate management and staff. Established businesses should regularly update their business model or they’ll fail to anticipate trends and challenges ahead.
Detailed explanation-3: -Rewards. Not everyone defines reward the same way. Being your own boss. When you start a business and are self-employed, you are your own boss and ultimately control your own destiny. Income. Flexible hours. Purchasing an existing business.