INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
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Businesses rely on equipment 24/7. If this breaks down this leads to lower production and repair costs.
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Setting up a business can mean you lose your own or the banks money
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It is critical that suppliers supply equipment to businesses. Customers need to pay for goods/services.
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Blockbusters failed to address the threat of Netflix as they had no digital content available online.
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Detailed explanation-1: -Supplier risks range from supply interruptions, environmental and safety crises and information security breaches through to assaults on brand and reputation.” These risks can all impact your business’s reputation-causing significant financial issues either through loss or penalties.
Detailed explanation-2: -Supply Chain Risks Continue Mounting Most of the risks that could disrupt your operations fall into four broad categories: economic, environmental, political and ethical.
Detailed explanation-3: -Inaccurate Needs Analysis. The procurement process begins with a needs analysis. Inadequate Vendor Management & Sourcing. No Supply Chain Risk Management. Underdeveloped Contract Management Processes. Lack of Automation. Poor Procurement Planning. 17-Jun-2022
Detailed explanation-4: -Environmental, Social, Governance (ESG) including health and safety, waste, ethical practices, etc. Financial (raw materials prices, accuracy of billing, labor costs, etc.) Operational (quality standards, cybersecurity, logistics, delivery performance and lead times, etc.) More items •20-Dec-2022