ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Entrepreneurship competitions require competitors to demonstrate independence, creativity, determination, business savvy, and communication skills to take their idea from inception to complete the pitch deck and present it for the competition judges. All these skills will make teens better, more equipped students.

Detailed explanation-2: -You are enriching yourself, working towards a goal, and doing something that many people cannot do when you run a small business. There are a great deal of challenges that you have to overcome to be successful, which provides for you a tremendous sense of self-reliance, self-worth, and self-esteem.

Detailed explanation-3: -In our competitive market, every business needs to gain an advantage over others. A competitive advantage lets you gain the lead over your competition. You can do this by offering consumers greater value by having lower prices. Give them better services, too, to entice them to come back as return customers.

Detailed explanation-4: -What is business competition? Business competition is the contest between organizations that provide similar products or services or that target the same audience of consumers. Businesses compete to convert and retain customers, increase revenue and gain more market share.