(a) For a successful entrepreneurship, the three attitudes as mentioned in the question that is, living the business day by day, innovating and improvising continuously and producing as per customer’s requirement are essential. Although, investing in R and D also forms an important aspect, however, it comes only after the other three have been achieved and the enterprise has reached a certain appreciable level. For the short-term success, it is not essential for the entrepreneur to invest in R and D. This is because the investment in Rand D requires a huge investment outlay and thereby, can impede the operations of the business.
