INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Small business
|
|
|
Venture
|
|
|
Entrepreneur
|
|
|
Corporation
|
Detailed explanation-1: -1.01. Small Business – any business that is operated by one or a few individuals. Employs <100 people. Represent 99.7% of all employers. Entrepreneur-an individual who undertakes the risks associated with creating, organizing and owning a business.
Detailed explanation-2: -A business which functions on a small scale level involves less capital investment, less number of labour and fewer machines to operate is known as a small business. Small scale Industries or small business are the type of industries that produces goods and services on a small scale.
Detailed explanation-3: -In small and medium-sized enterprises (SMEs) employ fewer than 250 people. SMEs are further subdivided into micro enterprises (fewer than 10 employees), small enterprises (10 to 49 employees), medium-sized enterprises (50 to 249 employees). Large enterprises employ 250 or more people.
Detailed explanation-4: -Answer: c. An entrepreneur who is the owner of more than one business is called: Portfolio Entrepreneur.