Exploring the Evolution of Entrepreneurship
Hello friends, how are you all doing today, hope that you people will be fine and doing great in life. A great contest decided by our brother @hamzayousafzai which is a type of comprehension and we have learn out of it and answers the questions related to it, so far it is an easy contest because we are going to find answers and wrote it down.
"Entrepreneurship"
Q: Brief History: write short paragraph (100 - 150 words) on how the role of entrepreneur has change from the Middle Age to the 20th century.
Ans: Entrepreneur means undertaking or doing something to achieve. In the early ages, actors and managers were called entrepreneurs because they were earning huge money without investing because others were interested to cover their financial services. In 17th and 18th century, Entrepreneurs took risk buy things from government to sell them at uncertain rate and entrepreneurs were capital users and raised funds from external people.
In 19th and 20th century, entrepreneur were the one who contributed to the economy. They were planning and building things for the country. e.g. Andrew Carnegie, who buildup the American steel mill industry. Later, they were innovating things in a wonderful way.
Q: Famous Entrepreneur: Name a famous entrepreneur and list two risk it took to become successful.
Ans: Reid Hoffman:
- He is the founder LinkedIn,
He founded linkdln in 2002, many thought it will be not successful. He invested in advertising the site which failed till some extent and later on was successful.
Q: A decision you or someone you know made that involved taking a risk. Write two sentences about what the decision was and the outcome.
Q: Write a sentence about how entrepreneurs contribute to economic development.
- Entrepreneur contribute to the economic development in various ways, contributing funds to government to make things viable for others. Doing government work, like building hospitals and providing medicines to those hospitals. This will relief government and save government funds which can be invested in other economic activities like cloth market and electricity production.
Q: List one ethical responsibility entrepreneurs have when starting a new business.
I will suggest that all entrepreneurs should be eco-friendly because there are a lot of entrepreneurs who are damaging the environment through their investments. e.g. they are building industries in greener areas or their industry is leaving damaging gases and chemicals which affect the environment in a negative way.
Inviting my friends @abdul-rakib @alexanderpeace @nsijoro
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MOD Review:
I can’t imagine, how bad your dad must have felt after going through such loss.. but I believe the first business is still up and running and nothing affected it??
Yes, it is running but the world is developing in a good rate but in Pakistan economic growth is very low so we haven't took any risk from the past 5 years after that.