Select the following statement that is accurate regarding entrepreneurs. Entrepreneurs must always make decisions for the company they started. If an entrepreneur wants to reduce their risks, they can pass the risks on to a CEO. Entrepreneurs only need a willingness to take a risk to start a business. An entrepreneur can fire and replace the managers of their company.

Select the following statement that is accurate regarding entrepreneurs. Entrepreneurs must always make decisions for the company they started. If an entrepreneur wants to reduce their risks, they can pass the risks on to a CEO. Entrepreneurs only need a willingness to take a risk to start a business. An entrepreneur can fire and replace the managers of their company.

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter23: Price-searcher Markets With Low Entry Barriers

Section: Chapter Questions

Problem 5CQ

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The company that you manage has invested $5 million in developing a new product, but the development is not quite finished. At a recent meeting, your salespeople report that the introduction of competing products has reduced the expected sales of your new product to $1.5 million. If it would cost $2 million to finish development and make the product, you
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	Entrepreneurs must always make decisions for the company they started.
	If an entrepreneur wants to reduce their risks, they can pass the risks on to a CEO.
	Entrepreneurs only need a willingness to take a risk to start a business.
	An entrepreneur can fire and replace the managers of their company.