Question

Entrepreneurs risk their wealth, time, and effort to develop for profit an innovative product or way of doing something?

1) True
2) False

Answer 1

Entrepreneurs are individuals who take risks to develop innovative products or ways of doing something for profit.

Step-by-step explanation:

Entrepreneurs are individuals who take risks by investing their wealth, time, and effort into developing innovative products or ways of doing something in order to make a profit.

While entrepreneurs are often viewed as risk-takers, successful entrepreneurs carefully calculate the risks and weigh them against the potential benefits before investing in a project.

For example, entrepreneurs may invest their own money into a startup firm, demonstrating their belief in its prospects and willingness to take on the risk of failure in order to gain a position in the marketplace.