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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Small business owners are not risk takers and entrepreneurs are risk takers
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Small business owners think big, & entrepreneurs think bigger
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Small business owners are content and want to make a living and entrepreneurs want to change the world
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Business owners do not use technology and entrepreneurs are using the newest and best technology
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Detailed explanation-1: -Small businesses usually deal with known and established products and services, while entrepreneurial ventures focus on new, innovative offerings. Because of this, small business owners tend to deal with known risks and entrepreneurs face unknown risks.
Detailed explanation-2: -Some entrepreneurs have a goal of independence and financial security, whereas others want to launch a new venture that can be grown into a large business.
Detailed explanation-3: -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-4: -An entrepreneur is defined as a business owner who takes on greater financial risks than usual. Even though small business owners are commonly referred to as entrepreneurs, these two roles are not entirely the same. Small business owners are more conservative, while entrepreneurs thrive on change and innovation.