ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Essentially, entrepreneurship is the process of developing, organizing, and running a new business to generate profit while taking on financial risk.

Detailed explanation-2: -Entrepreneurs are important to market economies because they can act as the wheels of the economic growth of the country. By creating new products and services, they stimulate new employment, which ultimately results in the acceleration of economic development.

Detailed explanation-3: -A great entrepreneur must be able to effectively communicate, sell, focus, learn, and strategize. An ability to continuously learn is not just a key entrepreneurial skill, but also a very valuable life skill. Growing a business requires a sound strategy based on inherent business sense and skills.

Detailed explanation-4: -Studying entrepreneurship and innovation enhances one’s analytical and logical skills that enable one to solve any problem. Entrepreneurship mainly helps solve daily-life problems and eases pain points with the help of innovative products and services provided.