Directions: Read the following passage to answer Next four Questions. Choose the correct option in each of the questions
We define the entrepreneur as an individual who identifies opportunities, and on the basis of his/her ability, desire and confidence, makes judgments and decisions pertaining to the coordination of resources in order to exploit those opportunities for personal gain. Personal gain in the context could be financial, fame, prestige or satisfaction from helping other people. This definition extends the concept beyond the narrow limits of profit maximization. It is important to note that entrepreneurial decision making is distinct from routine managerial/administrative decision making by corporate executives. However, this definition does include innovative venture decisions by executives and others in an already existing organization as legitimate entrepreneurial function. The entrepreneurial function consists of three main elements: recognition of opportunities, judgemental decision and coordination of resources. In terms of organization, the entrepreneur
will be involved in risk bearing, autonomous decision making and residual claims.
Every person is potentially an entrepreneur. However, the extent of its manifestation in actual entrepreneurial activities, business or otherwise, is a matter of political, social, economic, cultural and ideological influences. Put differently, every human being has an innate ability to become an entrepreneur even though this ability is not always translated into action because of a variety of limiting factors. This observation allows us to propose that there are more than 5 billion entrepreneurs in this world, even though this conjecture may not have been fully manifested in the practical world of business.
If there are more than 5 billion entrepreneurs in this world, how is it that there is such a dearth of entrepreneurs in the world of business? This is an important question in view of the fact that business communities, academia and policy makers in the public realm have begun to talk about possibilities for fostering entrepreneurial growth in the global economy.
Which of the following statements is NOT correct, according to the passage?