The three primary reasons that people become entrepreneurs and start their own firms are to: a. gain prestige, realize financial rewards, and eliminate risk in their lives b. be their own boss, pursue their own ideas, and realize financial rewards c. take advantage of government subsidies, pursue their own ideas, and realize financial rewards d. do what they were "born" to do, be their own boss, and gain prestige e. take big risks, be their own boss, and do what they were "born" to do

The three primary reasons that people become entrepreneurs and start their own firms are; to be their own boss, pursue their own ideas, and realize financial rewards.

The correct answer is B.

Explanation:

An entrepreneur is someone who creates a business from an idea he/she has, while bearing the risks alone and also enjoying the benefits alone.

Entrepreneurs engage in the type of business ownership that is termed Sole Proprietorship, where there is only one owner of the business.

Merits of entrepreneurship include:

- Chasing your own dreams.

- Making business decisions without external influence.

- Enjoying the benefits of the business alone.

- Freedom to work whenever you choose.

- The flexibility to engage in social activities.

B) be their own boss, pursue their own ideas, and realize financial rewards

Explanation:

As the fourth factor of production, entrepreneurship is the factor that combines and integrates the other three factors of production (land, labor and capital) and form a new business.

Entrepreneurs are guided by an idea or dream that makes them take a huge risk which can also provide great rewards: