INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It can be avoided.
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It is always changing.
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It consists of the economy and technology.
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It may not affect the business, depending on the industry.
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Detailed explanation-1: -Change in a business environment In business, as in life, few things remain the same. As a result, companies need to be willing to move with the times. They need to modify their operations in response to technological advances, stakeholder expectations, increased competition, and other pressures.
Detailed explanation-2: -Dynamic: Business environment is dynamic in nature which keeps on changing with the change in technology, consumer’s fashion and tastes etc. Uncertainty: Business environment is uncertain as it is difficult to predict the future environmental changes and their impact with full accuracy.
Detailed explanation-3: -The business environment is dynamic in nature and keeps on changing in terms of : (a) Technological improvement, (b) Shifts in consumer preferences, (c) The entry of new competition in the market.
Detailed explanation-4: -Business Environment is the sum total of all the internal and external factors that creates an impact on the business.