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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Manufacturing industries
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Feeder Industries
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Service Industries
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Mining or Quarrying
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Detailed explanation-1: -Concentric diversification Concentric diversification involves adding similar products or services to the existing business.
Detailed explanation-2: -PESTLE analysis is a mnemonic, it stands for – Political, Economic, Sociological, Technological, Legal, and Environmental analysis. It is basically all the elements of the macro environment of a business.
Detailed explanation-3: -1. The 1948 Industrial Policy Resolution (IPR) entails the following: In 1948, the Industrial Policy Report (IPR) recognised the importance of small-scale industries in the country’s overall industrial development for the first time.
Detailed explanation-4: -Entrepreneurship is the willingness and ability to establish, organise and manage a business and take financial risks to make profits. An Entrepreneur is an innovator who brings in new ideas to create a successful business venture.