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 person who spots an opportunity to provide goods or services to customers in order to make a profit
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The process/activities by which new businesses are formed in order to offer products and services in a market.
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Either A or B
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None of the above
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Detailed explanation-1: -Answer: The process of creation of enterprise is called entrepreneurship.
Detailed explanation-2: -It is useful to break the entrepreneurial process into five phases: idea generation, opportunity evaluation, planning, company formation/launch and growth.
Detailed explanation-3: -Business enterprise refers to a person spotting a business opportunity and setting up a business. Business ideas come about for a number of reasons. Often this is because a person may feel that they or others have a need that is not being met, they want to make a social difference or they want to make money.
Detailed explanation-4: -Entrepreneurship is the act of creating a business or businesses while bearing all the risks with the hope of making a profit.