In Chapter 5, we are able to learn the challenges we can face when starting a business. We learn the three characteristics of entrepreneurial activity - Innovation, Running a business, and Risk-taking. This brings us to understand that an idea leads to providing a service or product, and taking risks in order for the business to thrive long term.
- The word "entrepreneur" is probably familiar to you. What surprised you as you read about the definition of entrepreneurship and the characteristics of entrepreneurial activity? Explain.
I understand what the word means and I thought it was a position that was unreachable as a career because of the money that is involved with it. I fell under the reservations thinking I did not have any money and lacked ideas and competition. I was surprised by the statistics involved in what small businesses do for the economy.
- Define "small business" and explain its role in society.
A small business is defined as one that is independently owned and operated, exerts little influence in its industry, and has fewer than 500 employees. These companies provide jobs and opportunities for other people as well as small businessmen.
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