ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Entrepreneurs may even create entirely new industries that become the engines of future growth. The new products or services created by entrepreneurs result in new wealth from the new markets. Additionally, higher earnings due to entrepreneurship can help boost national income.

Detailed explanation-2: -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-3: -Stress is one of the most significant disadvantages of being an entrepreneur.

Detailed explanation-4: -An enterprise is created by an entrepreneur. The process of creation is called “entrepreneurship”. Entrepreneurship is a process of actions of an entrepreneur who is a person always in search of something new and exploits such ideas into gainful opportunities by accepting the risk and uncertainty with the enterprise.