Question

Historically entrepreneurs in the U.S. have: A)often created wealth for themselves, but have had a minor impact on the economy as a whole. B)started many small firms that later became major corporations employing thousands of workers. C)been successful only when they worked in partnership with the federal government. D)played an important role, but are less important now in creating jobs and wealth.

Answer 1

Answer:

B) started many small firms that later became major corporations employing thousands of workers.

Explanation:

Entrepreneurship is the intellectual capacity required to drive a business and the skills to develop an idea into a money making venture (business).

An entrepreneur refers to an individual who sees a need or discovers a problem in a society and innovatively proffers a solution using brilliant ideas or entrepreneurial thinking.

The following are four characteristics of an entrepreneur;

1. Innovative: it can be defined as a quality possessed by an individual or group of people such as an entrepreneur and typically involves the process of improving on an existing product or ideas.

2. Passionate: believing in a course and one's ability to achieve much more at a business.

3. Risk-Taker: he or she is confident enough to venture into risky businesses with the hope of an expected success.

4. Self-Confident: he or she is bold and believes in his or her abilities to excel.

In a society, the role of an entrepreneur is mainly focused on bringing the four (4) factors of production together and take the risks of producing output, so as to generate revenue through sales and make economic profits in the long-run.

Historically, entrepreneurs in the United States of America have started many small firms that later became major corporations with branches across the world and employing thousands of workers to carry out its daily services.