Entrepreneurs are characterized by their ability to bounce back from business failures, often choosing to pursue new ventures with increased determination due to their risk-taking and adaptive nature.
From the chapter on the characteristics of an entrepreneur, we've learned that entrepreneurs are essentially risk-takers who are willing to invest and potentially fail in the pursuit of innovation and market success. Despite the possible causes of failure such as poor management, unproductive workers, or shifts in market demand and supply, an entrepreneur's reaction to business failure is crucial.
The typical entrepreneurial response after a business failure would most likely be to pursue new business opportunities with increased determination. This drive is rooted in an entrepreneur's inherent qualities to innovate and adapt, seeing each failure as a learning opportunity to refine strategies and bounce back with better insights.
So, answer: a) Pursue new business opportunities with increased determination.
Explanation: Entrepreneurs are calculated risk-takers who understand the economic necessity of business exits within the market-oriented system. They are equipped to face the challenges posed by failure, learn from the experience, and are motivated to seek new opportunities with improved determination. Failures for them often serve as the stepping stones to eventual success.
Entrepreneurial spirit encompasses resilience and adaptability, suggesting that after a business failure, entrepreneurs are inclined to continue their journey by exploring new ventures with more resolve.