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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. a process that requires setting up a business.
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taking a significant risk in a business context.
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having a strong vision.
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a process involving innovation, new products or services, and value creation.
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Detailed explanation-1: -The correct option is option d). Entrepreneurship is a process involving innovation, new products or services, and value creation. The economists believe that an entrepreneur gets rewarded for his innovation regarding the items sold. It may be a new product, a new method of operation, technology, etc.
Detailed explanation-2: -What Is the Best Definition of Entrepreneurship? Entrepreneurship is the process of setting up a business, taking it from an idea to realization.
Detailed explanation-3: -Entrepreneurship is innovative change through new venture creation; it is the creation of new goods and services, processes, technologies, markets, and ways of organizing that offer alternatives with the intention of better meeting people’s needs and improving their lives.
Detailed explanation-4: -Schumpeter stressed the role of the entrepreneur as an innovator who implements change in an economy by introducing new goods or new methods of production. In the Schumpeterian view, the entrepreneur is a disruptive force in an economy.
Detailed explanation-5: -It is useful to break the entrepreneurial process into five phases: idea generation, opportunity evaluation, planning, company formation/launch and growth.