ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Entrepreneurship is the willingness and ability to establish, organise and manage a business and take financial risks to make profits. An Entrepreneur is an innovator who brings in new ideas to create a successful business venture.

Detailed explanation-2: -Innovation and opportunity are tied to risk Business leaders accept risk as a cost of opportunity and innovation. They know it cannot happen if you will not accept the risk that your undertaking might fail.

Detailed explanation-3: -It is the process of designing, launching and running a new business, which often starts as a small business. It can also be described as the capacity and willingness to develop, organize, and manage a venture along with taking risks to earn a profit.

Detailed explanation-4: -Entrepreneurs willing to accept the risk of starting and managing the type of business that remains small, lets them do the kind of work they want to do, and offers them a balanced lifestyle.

Detailed explanation-5: -The given statement that entrepreneurs promote innovation is true. 2. One of the fundamental features of an entrepreneur is creativity and thinking resourcefully.