INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
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1.Idea generation
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2.Determination of business objectives
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3.Raising of funds
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4.All of the above
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Detailed explanation-1: -Initiating and leading business activities. Allocating employees’ duties. Forecasting business changes. Creating jobs. Identifying business opportunities. Creating and sharing wealth. Improving the standard of living. Taking up and reducing business risk. More items •20-Feb-2023
Detailed explanation-2: -The various functions of entrepreneurship are Innovation and creativity, Risk taking and achievement and organization and management, Catalyst of Economic Development, Overcoming Resistance to Change and Research.
Detailed explanation-3: -Vision. Innovation cannot happen without vision, the ability to not only recognize opportunity and connect dots, but also the wherewithal to question why a solution does not exist to a problem. Passion. Adaptability. Resilience.
Detailed explanation-4: -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)
Detailed explanation-5: -Initiation: An organizer is the initiator of the business, by considering the situation and availability of resources and planning the entire process of business of production. Innovation: Coordination: Control, Direction, and Supervision: Risk-taking and uncertainty-bearing: