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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1. Small firms have more intelligent people
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2.Small size makes them agile to experiment and create
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3. Small firms do not have advantage of large scale.
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4. Small firms are free people to innovate.
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Detailed explanation-1: -Innovation is often necessary for companies to adapt and overcome the challenges of change. It fosters growth: Stagnation can be extremely detrimental to your business. Achieving organizational and economic growth through innovation is key to staying afloat in today’s highly competitive world.
Detailed explanation-2: -Increases productivity Simply put, innovation presents new ideas to business leaders to increase efficiency with minimum resources. Furthermore, reducing business and other risks.
Detailed explanation-3: -By considering new ideas and new ways of doing things, and trying to innovate, we can improve on our products/services, increase sales, reduce costs and make our processes more effective and efficient. Innovation is key to increasing profits.
Detailed explanation-4: -Review your budget. Stay social. Know your customers. Be adaptable. Try a subscription model. Look for ways to improve. Protect your assets. Streamline your processes. More items