Managing risk will make or break an entrepreneur

LETTERS: Based on research, get-rich-quick schemes that are promoted as entrepreneurial ventures or digital-based businesses occur mostly during an economic crisis.

These schemes have nothing to do with business or companies but are merely a form of gambling. These schemes always have a sad ending: money will be lost. Aware of such a situation, the government introduced the new National Entrepreneurship Policy 2030 to encourage entrepreneurship.

In a nutshell, entrepreneurial competency is one’s ability to perform entrepreneurship functions effectively. Underlying characteristics include generic and specific knowledge, motives, traits, self-images, social roles, and skills that result in venture birth, survival, and/or growth. Specifically, entrepreneurs’ experience, training, education, family background and other demographic variables are considered as factors influencing entrepreneurial competency.