INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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formulate company policy
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establish business objectives.
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assume the risk involved
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implement procedures
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Detailed explanation-1: -An entrepreneurial vision considers what you want your venture to become, what this venture will look like, what the driving forces are, and what values and culture should surround it. Each individual entrepreneur has a unique picture of what the venture will become.
Detailed explanation-2: -Hisrich and Michael P. Peters (1998) said, “Entrepreneurship is the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic and social risks and receiving the resulting rewards of monetary and personal satisfaction and independence.”
Detailed explanation-3: -Market risk. Factors affecting a market sector or the economy can impact new businesses, and aspiring entrepreneurs need to take these risks into account. Financial risk. Competitive risk. Technology risk. Career fulfillment. Work-life balance. Leadership experience. Company control. 02-Sept-2022
Detailed explanation-4: -Measuring the risk. In order to mitigate potential risks, an entrepreneur needs to measure a risk before he takes one. Seeking a new opportunity. Insurance is a must. Cut back on financial risks. Learn how to anticipate and predict risks. 21-Jan-2021