Explain why people in innovation economies may be less likely to start a business. What can be done to encourage entrepreneurship in these economies
What will be an ideal response?
People in innovation economies must depend on new discoveries to start a successful business. Hard work is not enough. Thus, people are likely to feel that they do not have the appropriate skills or knowledge. There is a tendency to have products and services that involve more complex technology. Due to the higher complexity, there is greater fear of failure. There is a greater variety of business types, so the meaning of starting a business is more complicated. People in innovative economies need to focus on learning initial skills and learning to run their businesses with a plan of intentional iteration. This will support the innovative process.
You might also like to view...
Why would a corporation issue bonds payable instead of issuing stock?
A) Debt is a less expensive source of capital than stock. B) Borrowing by issuing bonds payable carries no risk to the company. C) Debt affects the percentage of ownership of the corporation by the stockholders. D) Debt does not have to be shown on the balance sheet.
Imports to a country can be a good indicator of the potential demand for a new product.
Answer the following statement true (T) or false (F)
Cash inflows that enter into the determination of net income are classified as financing activities on a statement of cash flows
Indicate whether the statement is true or false
Business markets are typically divided into four categories. These categories are
A. retailers, wholesalers, services, and nonprofit firms. B. producer, manufacturer, reseller, and government. C. producer, reseller, government, and institutional. D. manufacturer, wholesaler, retailer, and services. E. reseller, retailer, government, and institutional.