BUISENESS MANAGEMENT
BUSINESS PLANNING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Yes, entrepreneurs should be risk-averse.
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No, entrepreneurs should rely on others to organize the business.
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No, entrepreneurs must be risk-takers who take initiative and have excellent organizational skills.
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Yes, all you need is good organizational skills.
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Detailed explanation-1: -2. If you possess excellent organizational skills, but are risk-averse and do not like taking initiative, would being an entrepreneur be a good profession for you? Yes, all you need is good organizational skills.
Detailed explanation-2: -Financial Risk Failure to accurately plan could mean that the entrepreneur risks bankruptcy, and investors get nothing. Entrepreneurs face many risks when they launch a venture, and they should take measures to insure against those that are most likely to affect them.
Detailed explanation-3: -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.
Detailed explanation-4: -Importance of risk-taking in entrepreneurship Getting the first-mover advantage. Learning quickly from your wins (and failures) Expanding your experimental mindset. Building skills in risk identification and management.