ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Entrepreneur means “to undertake.” Entrepreneurship is a process of actions of an entrepreneur who is always in search of opportunities. The greatest significance of entrepreneurship is to help identify and develop the managerial capabilities of entrepreneurs. More items

Detailed explanation-2: -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.

Detailed explanation-3: -It is useful to break the entrepreneurial process into five phases: idea generation, opportunity evaluation, planning, company formation/launch and growth. These phases are summarized in this table, and the Opportunity Evaluation and Planning steps are expanded in greater detail below.

Detailed explanation-4: -The term intrapreneurship refers to a system that allows an employee to act like an entrepreneur within a company or other organization. Intrapreneurs are self-motivated, proactive, and action-oriented people who take the initiative to pursue an innovative product or service.

Detailed explanation-5: -One of the biggest and most significant benefits of entrepreneurship is that it helps in the identification and development of managerial talent. A successful entrepreneur has to learn a lot of skills to run his business. One such very important skill is the art of decision making.