ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Entrepreneurship is only important to the entrepreneur? Answer: The answer is False, why because even if you are good in business, you know everything how to run an enterprise, you will have all the skills needed to manage it, everything will be in vain.

Detailed explanation-2: -Benefits of Entrepreneurship Entrepreneurs have been instrumental in spurring social change and improving the way people live and work. They help raise the standard of living for everyone by creating jobs and making products safer, less expensive, and more functional.

Detailed explanation-3: -Answer: Entrepreneurship is important as it has the ability to improve standards of living and create wealth, not only for the entrepreneurs, but also for related businesses. Entrepreneurs also help drive change with innovation, where new and improved products enable new markets to be developed.

Detailed explanation-4: -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.