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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innovation, initiative and risk-taking
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risk-taking, a strong work ethic and intelligence
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innovation, intelligence and professionalism
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initiative, a desire to succeed and patience
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Detailed explanation-1: -Characteristics of entrepreneurship FAQ Business owners share many of the same entrepreneur characteristics: leadership, vision, discipline, curiosity, creativity, adaptability, and the ability to take measured risks. Developing these traits can help you become successful when launching your business.
Detailed explanation-2: -Innovation helps an individual entrepreneur or a group of entrepreneurs to improve or replace a particular product, process or service. It allows them to upgrade the products by creating new ideas and values. Innovative entrepreneurs incorporate various strategies to overcome the challenges in their businesses.
Detailed explanation-3: -Entrepreneurs take risks because they’re necessary to start and grow a business. Some of the risks an entrepreneur might face include: Leaving a full-time job and steady paycheck. Using personal savings with no guarantee of a return on investment.
Detailed explanation-4: -Entrepreneurial spirit is characterized by innovation and risk-taking, and is an essential part of a nation’s ability to succeed in an ever changing and increasingly competitive global marketplace.