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 banker
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A business guru
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An entrepreneur
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A Magician
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Detailed explanation-1: -In the early 1800s, economists Jean-Baptiste Say and John Stuart Mill further popularized the academic usage of the word “entrepreneur.” Say stressed the role of the entrepreneur in creating value by moving resources out of less productive areas and into more productive ones.
Detailed explanation-2: -An entrepreneur is an individual who identifies a need in the marketplace and works to fulfill it. The term, historically, has been applied to an individual who starts a business, seeing the ability to fulfill that identified need as an economic opportunity.
Detailed explanation-3: -Coasting, opportunity comes to them (or it doesn’t) Conservative (very moderate use of resources, protecting existing resources) Aggressive (proactive, all-in, actively seeks opportunity) Innovator/Revolutionary (attains growth through innovation)