Business formation is also known as: a business attraction
Answer:
7 chairs
Explanation:
The computation of the no of chairs that produced each day is shown below:
We know that
The optimum production is Marginal revenue = Marginal Cost
the Marginal cost is increasing with output and Marginal revenue remains constant at $200
So,
Quantity MC
1 50
2 75
3 100
4 125
5 150
6 175
7 200
Therefore Julius produce 7 chairs
Answer:
Entrepreneurial thinking helps you stay ahead of others at work. It helps you tackle the ever increasing competition and rise through ranks. Your ability to identify problem quicker and provide solution timely is likely to put forward the best of you in front of your employer.
It allows for more flexibility in you. Entrepreneurial thinking can change your attitude towards th organization as well as yourself. Through the flexibility that it allows, it enables you to adapt to the changing environment such as the changes in competitive landscape, market dynamics, and consumer trends/demands etc. Little or no time is wasted in resistance towards the change, speeding up your career growth.
An entrepreneurial mindset provides individuals with the ability to adapt to certain conditions effectively.
Having an entrepreneurial mindset will encourage creativity. If you’re open to innovation and willing to take risks, you’ll be more likely to think outside the box. If something isn’t working well, there may be more than one fix, and you shouldn’t always fall back on the simplest or safest method. Critical thinking is the key to a successful business, and being willing to find creative solutions even if it might mean more work will help your business greatly in the long run.
Answer:
The correct answer is "opportunity recognition "
Explanation:
The opportunity recognition refers to when a person, usually an Entrepreneur or manager, find occasions that could be profitable to their business or to is an opportunity to approach new business ventures or ideas. The entrepreneur analyzes technological, economic and social trends.
Answer:
- Being your own boss
Explanation:
A sole proprietorship business belongs to one person. The owner is responsible for all the important decisions for the business. He or she sources for the required capital, decides on the nature of the business, its location, and operating hours. This means the owner is the final decision-making maker.
A sole proprietor has the advantage of being their own boss.
