INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To better obtain start-up funding from an investor”
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To understand how to make money fulfilling those wants and needs
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To create something no other business has ever created”
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To tell their customers what they really want and need
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Detailed explanation-1: -Knowing and understanding customer needs is at the centre of every successful business, whether it sells directly to individuals or other businesses. Once you have this knowledge, you can use it to persuade potential and existing customers that buying from you is in their best interests.
Detailed explanation-2: -When an entrepreneur is in tune with the perspectives and needs of these parties, the business will be strengthened. The connection provides the entrepreneur with insights to run their business optimally.
Detailed explanation-3: -The Importance of Entrepreneurship Economic Expansion: As entrepreneurs successfully create and market products and services aligned with market demands, they generate more revenue for their companies. This increases the overall national income and contributes to economic growth.
Detailed explanation-4: -Why is it important for entrepreneurs with home-based businesses to remember? You need to work hard to build your business and make it successful. You need to clearly define your “work” time and your “home” time. You shouldn’t wear your pajamas all day just because you can.
Detailed explanation-5: -Communication. Every entrepreneur needs to be an effective communicator. Sales. The soft skill of sales goes hand-in-hand with the communication necessary to be successful. Focus. Ability to Learn. Business Strategy.