ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Identify tasks that can be delegated and then delegate them. Resist the urge to do them yourself because you know you could do it perfectly. Trust your team members–they will surprise you with how much they can get done and how well they can do it. Focus on your own strengths and let others handle everything else.

Detailed explanation-2: -Entrepreneurs are determined to break through any obstacle. Their spirit is something one cannot easily dampen, for they are often in battle mode when they want to get things done.

Detailed explanation-3: -He argues that what defines an entrepreneur is their attitude to change: ‘the entrepreneur always searches for change, responds to it and exploits it as an opportunity’. To exploit change, according to Drucker, is to innovate.

Detailed explanation-4: -Self-doubt and uncertainty. For first-time entrepreneurs, dealing with the uncertainties of the venture can be a tough task. The entrepreneurs can often feel ultimately responsible for the success or failure of their venture. There are also many detours and deviations from the initial plan.