ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -An entrepreneurial leader realizes the importance of initiative and reactiveness, and they go out of their way to provide all the support that the team needs to achieve their goals. The leader usually does not punish employees when they take a calculated risk which misfires.

Detailed explanation-2: -An entrepreneur is an individual who starts a business or ventures to create something new that has the potential to be successful. Entrepreneurs are typically proactive, have leadership skills, have good leadership qualities and have the ability to do things on their own.

Detailed explanation-3: -Unfortunately, not all entrepreneurs are good leaders. Just having the ability to embrace uncertainty and the appetite for risk does not compensate for lacking the empathy, emotional intelligence, and selflessness that great leaders also possess.

Detailed explanation-4: -Passion, resourcefulness, willingness to improvise and listen to others and strong determination to succeed is what makes an entrepreneur successful. And this is what you have to keep in mind as well if you want to be a successful entrepreneur yourself.

Detailed explanation-5: -Every successful business has both, leaders and managers who can complement each other. To be a successful entrepreneur, both these roles of being a manager and a leader are extremely crucial even though they might seem paradoxical at times. It’s like a professional who has mastered the game of chess.