INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Marital tensions and family problems
|
|
|
Unemployment and uncertain income
|
|
|
Competition and difficult suppliers
|
|
|
Inflation and slow market acceptance
|
Detailed explanation-1: -Family and social risk-The risk of walking away from security and career path to create something new. The risk of taking yourself and your family into an unfamiliar storm of stress and uncertainty. The risk that you’ve miscalculated an opportunity, or your own internal resources as you plunge into a new venture.
Detailed explanation-2: -Entrepreneurs face multiple risks such as bankruptcy, financial risk, competitive risks, environmental risks, reputational risks, and political and economic risks. Entrepreneurs must plan wisely in terms of budgeting and show investors that they are considering risks by creating a realistic business plan.
Detailed explanation-3: -Family members involved in entrepreneurial activities can influence individuals’ intention in venture creation and also they can view as strength in the hands of finance and motivation.
Detailed explanation-4: -Funding of capital. Adequate cashflows. Social and family pressures. Interference with personal lives. psychological pressure. Lack of motivation.