ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A lifestyle entrepreneur is an individual who creates a business for the purpose of changing their lifestyle instead of making profits. This type of entrepreneur usually wants to create a business because they are passionate about it and believe that it will be personally rewarding for them.

Detailed explanation-2: -“Passion to an entrepreneur means a strong drive to change an idea or a method into a profitable venture.

Detailed explanation-3: -The main reason most people want to become their own boss is the freedom, satisfaction and flexibility it offers them. Entrepreneurs need to embrace new technology and use it to their benefit to continue growing their startups.

Detailed explanation-4: -Higher employment rates make finding a job difficult As we’ve lightly touched on already, entrepreneurial enterprises provide citizens with paying jobs in order to operate and grow. They also provide employees with the means to further grow one’s own earning potential through training and on-the-job experience.