INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
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It ensures that start-up businesses have continuous funding.
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It is an ongoing process that facilitates the success rate of a business.
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It provides entrepreneurs with professional development training.
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It is a way to determine the long-term profit that a start-up company can generate.
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Detailed explanation-1: -The Entrepreneurial Discovery Process is about prioritising investments based on an inclusive and evidence-based process driven by stakeholders’ engagement and attention to market dynamics.
Detailed explanation-2: -The entrepreneurial discovery process is about finding a need for a product or service. To be an entrepreneur you must invent a new product or service. Hobbies can turn into successful businesses. A feasibility analysis is done a few months after a new business has started.
Detailed explanation-3: -The entrepreneurial discovery process (EDP) is widely conceived as an inclusive, evidence-based process of stakeholder engagement that produces information about the potential for new activities, thus enabling effective targeting of research and innovation policy.