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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Improves natural resources in the country
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Promotes capital formation
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Immediate large-scale employment
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Promotes export trade
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Detailed explanation-1: -Therefore, the correct option is C extravagant use of resources since, extravagant use will lead to wastage of resources.
Detailed explanation-2: -Entrepreneurship Accelerates Economic Growth By creating new products and services, they stimulate new employment, which ultimately results in the acceleration of economic development. So public policy that encourages and supports entrepreneurship should be considered important for economic growth.
Detailed explanation-3: -Although innovation is an important ‘characteristics’ of an entrepreneur but, it is not his core function. While, an entrepreneur needs to be innovative while planning and deciding upon business activities as to fulfill the public demand but, it is not his duty to innovate new technology or products.
Detailed explanation-4: -Restricts innovations is not an advantage of entrepreneurship development.