Question

please In your own words write an essay about what is Entrepreneurship , the importance of Entrepreneurship , types of Entrepreneurship, and what is the relationship between Business Ethics and Entrepreneurship?

Answer 1

Entrepreneurship is nothing but a concept wherein an individual or a group of people come together and set up a new business to solve an existing problem. The ultimate aim of this is to ensure that a particular problem is picked up and is resolved so that they can contribute something meaningful in the lives of people as well as earn profits for its firm. Entrepreneurs surveys the market and list down the problems that he customers are facing and then they start their business so as to ensure that the problem is solved and the product or service that they are trying to give actually works. It is very important since it creates a lot of jobs, it increases the economy of the nation, and it decreases the unemployment rate and also the correct utilization of resources. It also helps the individual to grow and earn better and also provide those jobs to the skilled labour. Types of entrepreneurships are administrative, opportunistic when the people see some opportunity in the market and also the individual entrepreneurship which involves a single person starting his own venture. Business ethics usually conflicts with entrepreneurship because in the starting entrepreneur would want to get the traffic and gain mobility but if ethical business is done then it might take some time.