ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A novice entrepreneur is an individual who has no prior business ownership experience as a business founder, inheritor of a business, or a purchaser of a business. It is not similar to early starter; a novice can also be a 50 year old with over 25 years of experience in the industry.

Detailed explanation-2: -Novice entrepreneurs are persons without prior experience (both minority and majority) in the ownership of a business, founders and buyers or heirs of an existing independent enterprise who currently have a minority or majority stake in a newly established, acquired or inherited enterprise.

Detailed explanation-3: -"Serial entrepreneurs” run multiple businesses in sequence while “portfolio entrepreneurs” run multiple businesses in parallel; they differ from “novice entrepreneurs” who have so far operated only one venture.

Detailed explanation-4: -Professional entrepreneurs: Professional entrepreneurs are a person who is interested in establishing a business but does not have interest in managing or operating it once it is established.

Detailed explanation-5: -Coasting, opportunity comes to them (or it doesn’t) Conservative (very moderate use of resources, protecting existing resources) Aggressive (proactive, all-in, actively seeks opportunity) Innovator/Revolutionary (attains growth through innovation)