Question : Statement 1: Richard defined entrepreneur as the agent who buys means of production at certain prices in order to sell the produce at uncertain prices in the future.
Statement 2: Entrepreneurship is a systematic, purposeful activity of identifying a need.
Option 1: Both are true
Option 2: Both are false
Option 3: Statement 1 is true and statement 2 is false.
Option 4: Statement 1 is false and statement 2 is true.
Correct Answer:
Both are true
Solution : According to Richard entrepreneur as the agent who buys means of production at certain prices in order to sell the produce at uncertain prices in the future. Enterpreneurship is systematic purposeful and creative activity of identifying the need mobilising resources and organising production with the view to delivering value to the customers.
Hence, option A is correct.
