INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Someone who is creative, takes a lot of risks, and earns a lot of money.
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Someone who sets up a business or businesses, taking on financial risks in the hope of profit.
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A business owner or manager.
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Someone with excellent enterprise skills.
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Detailed explanation-1: -What Is An Entrepreneur? An entrepreneur is a person who sets up a business or businesses and often takes on financial risks in the hope of profit. Entrepreneurs usually work in their own businesses and usually employ others to work for them.
Detailed explanation-2: -Entrepreneurs face multiple risks such as bankruptcy, financial risk, competitive risks, environmental risks, reputational risks, and political and economic risks. Entrepreneurs must plan wisely in terms of budgeting and show investors that they are considering risks by creating a realistic business plan.
Detailed explanation-3: -The Oxford dictionary defines an entrepreneur as someone “who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.”
Detailed explanation-4: -Risk-taking in entrepreneurship is the process of identifying, evaluating, mitigating, and trying out potential opportunities and strategies that may help you build or grow your business but could also lead to personal or professional loss.
Detailed explanation-5: -Synonyms of entrepreneur. : one who organizes, manages, and assumes the risks of a business or enterprise. entrepreneurship.