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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When Chef Daniel thought up his idea for drone-delivered desserts, he thought he had something the public would gladly welcome. He couldn’t convince anyone to invest in funding the business, but luckily, he had enough money to launch it himself, including money for a sizable marketing budget. Unfortunately, Daniel only received a few orders for his desserts, and even those orders appeared to be prank calls. Which phrase BEST describes the most likely reason for his business failure?
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Lack of customer focus
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Bad business idea
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Not enough managerial experience
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Lack of cash
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Explanation:
Detailed explanation-1: -Key Takeaways. A person who undertakes the risk of starting a new business venture is called an entrepreneur. An entrepreneur creates a firm to realize their idea, known as entrepreneurship, which aggregates capital and labor in order to produce goods or services for profit.
Detailed explanation-2: -Step 1 – Initial Idea Exploration, Identification and Assessment. Step 2-Idea/Concept and Scenario/Model Deliberation and Assessment. Step 3-Go/No-Go Decision. Step 4 – Business Plan Preparation and Implementation. Step 5 – Business Operations. Conclusion.
There is 1 question to complete.