ENTREPRENEURSHIP

Detailed explanation-1: -A new business undertaking that involves risk. The process of recognizing or creating an opportunity, testing it in the market, and gathering the resources necessary to go into business. The study of how people choose to allocate scarce resources to fulfill their unlimited wants.

Detailed explanation-2: -There are five kinds of risk that entrepreneurs take as they begin starting their business. Those risks are: founder risk, product risk, market risk, competition risk, and sales execution risk. Founder risk considers who the founders of the company are, if they get along, and how they will work for the company.

Detailed explanation-3: -Entrepreneurship is the process of initiating a business venture, organizing the necessary resources, and assuming the risks and rewards. Many people believe that entrepreneurial activities and small business are the same, but they are not.

Detailed explanation-4: -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)