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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satisfy an unmet demand.
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form a technological monopoly.
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improve economic sanctions
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change legal requirements.
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Detailed explanation-1: -During the discovery phase, an opportunity is identified and evaluated. It is critical because it sets the stage for developing a business plan, procuring the required resources, and establishing a new venture dedicated to the exploitation of that opportunity.
Detailed explanation-2: -Entrepreneurs are important because they are willing to take risks to start new businesses, so they become the catalyst of the free enterprise economy. Most entrepreneurs fail, but some survive and a few even become wealthy.
Detailed explanation-3: -The Entrepreneurial Discovery Process is about prioritising investments based on an inclusive and evidence-based process driven by stakeholders’ engagement and attention to market dynamics.