ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A sense of initiative and entrepreneurship is the ability to turn ideas into action through creativity, innovation, and risk-taking, as well as the ability to plan and manage projects.

Detailed explanation-2: -Entrepreneurial resources are defined as the propensity of an individual to behave creatively, act with foresight, use intuition, and be alert to new opportunities.

Detailed explanation-3: -Entrepreneurship Accelerates Economic Growth Entrepreneurs are important to market economies because they can act as the wheels of the economic growth of the country. By creating new products and services, they stimulate new employment, which ultimately results in the acceleration of economic development.

Detailed explanation-4: -An entrepreneur combines the first three of these to manufacture goods or provide services. They typically create a business plan, hire labor, acquire resources and financing, and provide leadership and management for the business. Entrepreneurs commonly face many obstacles when building their companies.