ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A person who undertakes the risk of starting a new business venture is called an entrepreneur. An entrepreneur creates a firm to realize their idea, known as entrepreneurship, which aggregates capital and labor in order to produce goods or services for profit.

Detailed explanation-2: -The economic factors are such as capital, infrastructure, raw material, labour, and market. Without these economic factors a business can’t grow and earn profit. The non-economic factors are largely influenced by the society and country where the entrepreneur resides.

Detailed explanation-3: -"An entrepreneur is one who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them."

Detailed explanation-4: -Profit is an important incentive that leads entrepreneurs to accept the risks of business failure. Entrepreneurs are individuals what are willing to take risks in order to develop new products and start new businesses. They recognize opportunities, enjoy working for themselves, and accept challenges.

Detailed explanation-5: -You will never know unless you try. You learn from taking risks. Innovation and opportunity are tied to risk. Those who take risks already have a competitive advantage. Risk-takers may be more content and satisfied with their lives. 29-Jul-2021