ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A person who undertakes the risk of starting a new business venture is called an entrepreneur. An entrepreneur creates a firm to realize their idea, known as entrepreneurship, which aggregates capital and labor in order to produce goods or services for profit.

Detailed explanation-2: -Entrepreneur is a French word that means “to undertake.” In the business world, this term applies to someone who wants to start a business or enterprise.

Detailed explanation-3: -An entrepreneur gets things done and loves to be competitive in the process. A true entrepreneur is not predictable, one that possesses a certain creativity level that allows one self to see and produce “ahead of the curve”. However, without strong people skills, an entrepreneur cannot be successful alone.

Detailed explanation-4: -’Entrepreneur’ is a French word which means to undertake, to pursue opportunities, to fulfill needs and wants of the people through innovation and starting business. An entrepreneur undertakes a venture, organizes it, raises capital to finance it, and assumes the whole or major part of the risk of business.

Detailed explanation-5: -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.