ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Entrepreneurs are energetic and passionate about their pursuits. Entrepreneurs need person-to-person, telephone, and written skills to gather information necessary to organize and run their businesses. These skills are used to deal with vendors, suppliers, etc., when organizing your business.

Detailed explanation-2: -Entrepreneurs can be passionate about many things. They may be passionate about the products they create or the services they provide. They might be passionate about the problems they feel their businesses solve or about the desire to improve the lives of their customers.

Detailed explanation-3: -Entrepreneurs are enthusiasts by nature in the sense that they must have a fair amount of optimism at the outset-otherwise, they would not dare take the risk of starting and running a business. Enthusiasts make inspiring leaders who create a vision that people will want to support to take shape.

Detailed explanation-4: -According to Stevenson, entrepreneurship is the pursuit of opportunity beyond resources controlled. “Pursuit” implies a singular, relentless focus. Entrepreneurs often perceive a short window of opportunity.

Detailed explanation-5: -Coasting, opportunity comes to them (or it doesn’t) Conservative (very moderate use of resources, protecting existing resources) Aggressive (proactive, all-in, actively seeks opportunity) Innovator/Revolutionary (attains growth through innovation)