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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Interest rate fluctuations
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Industry deregulation
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Increased cultural diversity
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Technological advancements
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Detailed explanation-1: -In 1976, Steven Jobs and Steven Wozniak set out to create Apple, the first personal computer. In less than five years, they had created a whole industry comprised of hundreds of related businesses and thousands of new jobs.
Detailed explanation-2: -41.5% of all entrepreneurs are women, while 58.5% are men. The average age of an employed entrepreneur is 44 years old. The most common ethnicity of entrepreneurs is White (67.1%), followed by Hispanic or Latino (15.4%), Asian (6.4%) and Black or African American (6.3%). In 2021, women earned 88% of what men earned.
Detailed explanation-3: -Socio-Cultural Environment includes the demographics and cultural dimensions that govern the relevant entrepreneurial endeavor. Taking this aspect into consideration helps the entrepreneur assess the trends and dynamics of the bigger consumer population, their beliefs, tastes, customs, and traditions.