ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Entrepreneurs work until the job is done. They are determined to overcome problems and to pursue their goals in order to make their business successful. Entrepreneurs are constantly looking for new ways to solve problems. An entrepreneur is accountable for his/her actions and does what is required.

Detailed explanation-2: -Entrepreneurial persistence is demonstrated by an entrepreneur’s continued positive maintenance of entrepreneurial motivation and constantly-renewed active engagement in a new business venture despite counter forces or enticing alternatives.

Detailed explanation-3: -As an entrepreneur you need to be persistent because it can be difficult to keep things going when you are not seeing instant success. Persistence is also crucial because you are bound to make mistakes. When you give up too early, you cannot learn from your mistakes.

Detailed explanation-4: -Entrepreneurs know they’re likely to encounter some failures on the path to success, which is why persistence is one of the key characteristics of a successful entrepreneur. Entrepreneurs have to accept setbacks and even be willing to start from scratch in order to achieve their business goals.

Detailed explanation-5: -How Many Hours Do Entrepreneurs Work per Week? According to Gallup, 62% of business owners work over 50 hours a week. This number is higher than a standard 40-hour-workweek. Many people build their startups to be independent and work fewer hours, but it turns out differently.