ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Initiating and leading business activities. Allocating employees’ duties. Forecasting business changes. Creating jobs. Identifying business opportunities. Creating and sharing wealth. Improving the standard of living. Taking up and reducing business risk. More items •20-Feb-2023

Detailed explanation-2: -They typically create a business plan, hire labor, acquire resources and financing, and provide leadership and management for the business. Entrepreneurs commonly face many obstacles when building their companies.

Detailed explanation-3: -Entrepreneurship develops innovation, causes economic growth, creates wealth, and helps develop a community.

Detailed explanation-4: -An entrepreneur plays the function of developing a certain risk-taking appetite and taking calculative risks to reduce adverse consequences. Innovation: Entrepreneurs innovate by introducing new concepts, products, services, designs, ideas etc.

Detailed explanation-5: -Setting the direction and establishing the desired image for the business. Seeking new directions and ways to improve and grow the company. Overseeing financial records and taking action, such as securing a new line of credit to handle unforeseen events.