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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This is the possibility that the business will have a lower than expected profit or a loss
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This is the benefit of having a business which may be keeping the profit, working for yourself or being able to take holidays when you want
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Either A or B
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None of the above
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Detailed explanation-1: -Meaning of reward schemes ‘Reward system refers to all the monetary, non-monetary and psychological payments that an organisation provides for its employees in exchange for the work they perform.
Detailed explanation-2: -Benefits are a form of non-cash compensation, which your employer usually states in your contract. Benefits aren’t linked to employee performance, unlike Rewards. Rewards are a motivational tool used to get the best from your employees. Benefits and rewards both have very different traits, but more on that later.
Detailed explanation-3: -Reward management is the introduction of policies and strategies that rewards every employee within the business fairly and consistently across the board. Rewarding employees for outstanding work makes them feel valued and can prove to be a powerful motivational tool that boosts productivity.
Detailed explanation-4: -Total rewards programs are designed to help employees feel appreciated while motivating them to stay with the company and perform well. They also serve as a way for employers to attract high-quality talent when competing with other companies for workers with specialized skills or talents.