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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Altering the government system
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Arranging finance
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Staffing
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Risk and uncertainty bearing
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Detailed explanation-1: -Answer: Innovation s not a function of the entrepreneur.
Detailed explanation-2: -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-3: -The various functions of entrepreneurship are Innovation and creativity, Risk taking and achievement and organization and management, Catalyst of Economic Development, Overcoming Resistance to Change and Research.
Detailed explanation-4: -There is no other factor of production except the entrepreneur, who bears the risk of the business. Hence, bearing risk is the key function of an entrepreneur.
Detailed explanation-5: -Therefore, the correct option is C extravagant use of resources since, extravagant use will lead to wastage of resources.