ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Entrepreneurs are inherently creative They can come up with ingenious ideas and also have the ability to turn those ideas into profits.

Detailed explanation-2: -They provide jobs. Filipino entrepreneurs create jobs not just for themselves but also for other Filipinos. In fact, according to DTI 2020 MSME Statistics, small and medium enterprises account for 62.66% of all jobs in the Philippines. This means that without entrepreneurs, many Filipinos would be unemployed.

Detailed explanation-3: -A person who undertakes the risk of starting a new business venture is called an entrepreneur. An entrepreneur creates a firm to realize their idea, known as entrepreneurship, which aggregates capital and labor in order to produce goods or services for profit.

Detailed explanation-4: -Concept of Entrepreneurship Entrepreneurship is the ability and readiness to develop, organize and run a business enterprise, along with any of its uncertainties in order to make a profit. The most prominent example of entrepreneurship is the starting of new businesses.