ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -True: The greatest essence of entrepreneurship is to help identify and develop the managerial capabilities of entrepreneurs.

Detailed explanation-2: -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.

Detailed explanation-3: -Entrepreneurship Accelerates Economic Growth Entrepreneurs are important to market economies because they can act as the wheels of the economic growth of the country. By creating new products and services, they stimulate new employment, which ultimately results in the acceleration of economic development.

Detailed explanation-4: -The benefits of entrepreneurship extend beyond the businesses they establish. Entrepreneurs improve the lives of individuals and communities, as well as the overall economy. Entrepreneurs have been instrumental in spurring social change and improving the way people live and work.

Detailed explanation-5: -The biggest significance of entrepreneurship lies in the fact that it helps in identifying and developing managerial capabilities of entrepreneurs.