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. entrepreneurs usually purchase existing businesses or franchise rights.
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. b. small-business owners generally are not interested in expanding their businesses.
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c. entrepreneurs rarely manage the day-to-day aspects of their businesses.
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d. small-business owners usually employ between 500 and 1, 000 workers.
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Detailed explanation-1: -An entrepreneur is a person who innovates new ideas for developing a product and service which would have a value in the market, and also has to various risks involved in the business. The small business owner is a person who simply starts a business with an existing idea or buys an existing business.
Detailed explanation-2: -Businessmen run their business for the primary purpose of making profits. Entrepreneurs intend to make profits but with a purpose of making a difference. They want to change the world by addressing a problem. They are passionate about providing unique solutions for problems in the community.
Detailed explanation-3: -In the future, an entrepreneur can become a businessman. However, between businessman and entrepreneur, there is a thin line difference businessman is a market player, whereas, the entrepreneur is a market leader.