Question

Explain how an entrepreneur might fail from lack of ability.

Explain how an entrepreneur might fail from lack of ability.

Homework Answers

Answer #1
  • An entrepreneur is an individual who is starting or launching a new business or proposing new ideas for a business.
  • If the entrepreneur is not properly aware about what he is intending to do or if he is unclear of how to start and run the businesss smoothly, his efforts may fail completely.
  • An entrepreneur may fail due to lack of ability if he is not smart enough to adjust with unpredictable events of the economy.
  • Incomplete information or ideas can also lead to failures as they lack the ability to assess their environment and it's people.
  • Lack of tolerance to surive in extreme ecomomic conditions is an another reason for the failure of entrepreneurs from lack of ability.
  • Inability to communicate well and the inability to value the knowledge and skills they have may also lead to failures.
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