GK
BUSINESS ECONOMICS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
economic resources
|
|
|
opportunity costs
|
|
|
factors of prduction
|
|
|
businesses
|
Detailed explanation-1: -Risk-taking in entrepreneurship is the process of identifying, evaluating, mitigating, and trying out potential opportunities and strategies that may help you build or grow your business but could also lead to personal or professional loss.
Detailed explanation-2: -Entrepreneurs face multiple risks such as bankruptcy, financial risk, competitive risks, environmental risks, reputational risks, and political and economic risks. Entrepreneurs must plan wisely in terms of budgeting and show investors that they are considering risks by creating a realistic business plan.
Detailed explanation-3: -By taking risks, entrepreneurs can try different ideas, assess the success of those ideas, and learn about market trends to be more successful when the next idea is tried.
Detailed explanation-4: -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