Looking for the answer to the question below related to Entrepreneurship Development and Management ?

An individual who initiates, creates and manages a new business can be called ______________.

 Options:

A. A leader B. A manager C. A professional D. An entrepreneur

The Correct Answer Is:

• D. An entrepreneur

Answer Explanation:

D. An entrepreneur:

An entrepreneur is someone who takes the initiative to start and create a new business or enterprise. They are often characterized by their ability to identify opportunities, take risks, and manage the various aspects of a business, including its finances, operations, and strategy.

Entrepreneurs are typically seen as innovators and leaders in their field, as they are responsible for bringing new ideas and concepts to the market. Therefore, this option is correct.

Now, let’s explain why the other options are not correct:

A. A leader:

While leadership is an important aspect of entrepreneurship, being a leader alone does not necessarily mean someone is initiating and managing a new business. Leadership can be found in various contexts, including within established organizations. Leaders guide and inspire others, but they may not always be involved in creating new businesses.

B. A manager:

Managers are responsible for overseeing and organizing the day-to-day operations of a business or a specific department within an organization. They play a critical role in ensuring that tasks are executed efficiently and that employees are working toward established goals.

However, managers typically work within existing organizations and may not be the individuals who initiate or create new businesses.

C. A professional:

Professionals are individuals who have expertise in a specific field or industry and are typically hired for their specialized knowledge and skills. While professionals can certainly work within businesses, they are not specifically associated with creating or managing new businesses. They may be employees or consultants within an existing organization.

In summary, an entrepreneur is the correct answer because they are the ones who take the initiative to start and create new businesses. The other options, while important in their own right, do not encompass the full scope of entrepreneurship and the responsibilities associated with starting and managing a new business.

• ______________ is primarily concerned with the identification of the project demand potential and the selection of the optimal technology.