ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The cognitive skills are basically about the relationship and interaction of the entrepreneur with the workers, suppliers, creditors, customers and members of the business community.

Detailed explanation-2: -Interpersonal skills include interaction with others, good communication skills, active listening skills, and attitude. Companies should realize that interpersonal skills are not learned in a classroom; rather they are characteristics that an individual may possess naturally.

Detailed explanation-3: -Human needs are fulfilled through innovations created by entrepreneurs. Human needs are fulfilled by the consumption of goods and services. Business people can also be considered as entrepreneurs. Business activities are carried out with a profit motive.

Detailed explanation-4: -Entrepreneurial skills refer to the set of cognitive, technical, and interpersonal skills required in the practice of entrepreneurship. Cognitive Skills refer to the mental ability of the entrepreneur to learn new things, generate new ideas, and express knowledge in both oral and written forms.

Detailed explanation-5: -An entrepreneur needs the society to purchase whatever they offer for them to survive. The society provides raw materials needed by an entrepreneur – The society provides raw materials to entrepreneurs for production of the goods that the same society needs.