Questions: No Plagiarism Please Read Before Accepting 819561

4 Questions No Plagiarism Please Read Before Accepting Assignment As

4 Questions -No Plagiarism PLEASE read before accepting assignment. Assignment is Due on December 3 rd 3pm EST. 200-word count for each question in your own words. Please add answers below the questions. Entrepreneurship: Starting and Operating a Small Business Performance Objectives 1. Describe how free-enterprise economies work and how entrepreneurs fit into them. Explain how profit works as a signal to the entrepreneur. Find and evaluate opportunities to start your own business. Explain why entrepreneurs write business plans.

Paper For Above instruction

In a free-enterprise economy, the fundamental principle is that individuals and businesses operate with minimal government intervention. Market forces such as supply and demand determine prices, production, and distribution of goods and services. Entrepreneurs play a critical role within this system by identifying unmet needs or gaps in the market and creating products or services to fill those gaps. Their innovative efforts drive competition, stimulate economic growth, and foster innovation. Entrepreneurs are essential for dynamic economic development because they introduce new ideas, create jobs, and help allocate resources efficiently. Profit acts as a vital signal in free-enterprise economies, indicating the success or failure of a business idea. When entrepreneurs see potential for profit, it motivates them to start or expand a venture; conversely, the lack of profit signals that adjustments may be necessary. Identifying opportunities for new businesses involves analyzing market trends, customer needs, and competitive landscapes. Entrepreneurs continually evaluate risks and rewards before pursuing a venture. Writing a business plan is crucial as it outlines the business idea, strategies, operational plans, and financial projections. A detailed plan helps entrepreneurs stay focused, secure funding, and navigate challenges effectively, increasing their chances of success in a competitive environment.

References

• Hisrich, R. D., Peters, M. P., & Shepherd, D. A. (2017). Entrepreneurship. McGraw-Hill Education.
• Scarborough, N. M., & Cornwall, J. R. (2017). Essentials of Entrepreneurship and Small Business Management. Pearson.
• Baumol, W. J., & Blinder, A. S. (2015). Economics: Principles and Policy. Cengage Learning.
• Reynolds, P. D., Bygrave, W. D., & Hay, M. (2004). Frontiers of Entrepreneurship Research. Babson College.
• Shane, S. (2003). A General Theory of Entrepreneurship: The Individual-Opportunity Nexus. Edward Elgar Publishing.