ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The status quo is defined as the current or existing state of affairs. To maintain the status quo is to keep things the way they are.

Detailed explanation-2: -They were actively form to lead their own business and cultivate and offering new ideas for the economic growth and prosperity in individually. Moreover, entrepreneurs are capability to learn from the failure and personal initiative to make innovation and improvement to get the business opportunities.

Detailed explanation-3: -A lifestyle entrepreneur is an individual who creates a business for the purpose of changing their lifestyle instead of making profits. This type of entrepreneur usually wants to create a business because they are passionate about it and believe that it will be personally rewarding for them.

Detailed explanation-4: -Some entrepreneurs are passionate for inventing: They focus on identifying new opportunities or creating new products or services. These are the typical scientists or product-oriented entrepreneurs. Some entrepreneurs are passionate for founding: They focus on setting up and nurturing the initial venture.