ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Entrepreneurs are considered serial decision makers because they make lots of decisions every day and are generally wired to be risk takers and aren’t afraid of learning from their mistakes. Decision-making usually comes easier to entrepreneurs and high “D” personalities versus people who tend to be more risk averse.

Detailed explanation-2: -In order to constitute independent entrepreneurial activity, the business must be carried on independently, not under the management and supervision of an employer or other principal.

Detailed explanation-3: -This is done through a process of mental simulation which involves entrepreneurs attempting to identify whether or not they have encountered the situation or a similar situation previously; from this, the decision makers will assess the goals, expectations and possible actions.

Detailed explanation-4: -Need for autonomy definition The need to make their own decisions and do what they want is very strong. Successful entrepreneurs have a desire to be autonomous. They can act independently of others, make their own decisions, love problem solving, and successfully complete their tasks on their own.