Assertion: Unlawful business carried out by a person is also referred to as entrepreneurship on the grounds that just as entrepreneurship entails risk, so does illicit businesses.

Reasoning: Entrepreneurship implies risk/uncertainty bearing, coordination of productive resources, introduction of innovations, and the provision of capital. .

Assertion (A) is not true but Reasoning (R) is correct.

The correct answer is option 4- Assertion (A) is not true but Reasoning (R) is correct.

Lawful and Purposeful Activity: The object of entrepreneurship is lawful business. It is important to take note of this as one may try to legitimise unlawful actions as entrepreneurship on the grounds that just as entrepreneurship entails risk, so does illicit businesses. Purpose of entrepre neurship is creation of value for personal profit and social gain.