ENTREPRENEURSHIP

Detailed explanation-1: -1:Income earned by an entrepreneur is residual in nature as the entrepreneur: bears the risk and the reward for bearing the risk is profit.

Detailed explanation-2: -Entrepreneurs obtain funding for their ventures from different places. They often use their own money when first starting out. Family and friends may help with some financing in the early years of a business. Then, they may take on partners who are well capitalized and can help support the business financially.

Detailed explanation-3: -Coasting, opportunity comes to them (or it doesn’t) Conservative (very moderate use of resources, protecting existing resources) Aggressive (proactive, all-in, actively seeks opportunity) Innovator/Revolutionary (attains growth through innovation)