ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Aptitude is the ability to evaluate your strengths and weaknesses. Entrepreneurship involves risk, which is both an advantage and a disadvantage. An advantage of entrepreneurship is that nobody tells an entrepreneur what to do.

Detailed explanation-2: -Entrepreneurs enjoy more freedom in their work as they invest their time, money, and efforts into the business to make it successful. In a job, there is fixed monthly income but in entrepreneurship, the income flow is uncertain and not guaranteed especially in the early stage of a business venture.

Detailed explanation-3: -Entrepreneurs face multiple risks such as bankruptcy, financial risk, competitive risks, environmental risks, reputational risks, and political and economic risks. Entrepreneurs must plan wisely in terms of budgeting and show investors that they are considering risks by creating a realistic business plan. More items

Detailed explanation-4: -There will be no fixed working hours. There will be no assurance of income in the initial days. You need to find investors who will be interested in your project. There is a chance of going bankrupt if the business idea does not work out. More items

Detailed explanation-5: -Greater personal responsibility. Potential financial risks. More personal stress. Requires a professional network. Requires greater sacrifices, longer working hours. Competition with other established businesses. 03-Feb-2023