ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Entrepreneurial persistence is demonstrated by an entrepreneur’s continued positive maintenance of entrepreneurial motivation and constantly-renewed active engagement in a new business venture despite counter forces or enticing alternatives.

Detailed explanation-2: -There are some individuals who’s willing to absorb huge risks of using enormous amounts of capital In their business ventures. We call these people “megaentrepreneurs.”

Detailed explanation-3: -There are five stages of the opportunity recognition process. They include; getting an idea, recognizing the opportunity, developing the opportunity, evaluating the opportunity, and assessing the team. An entrepreneur recognizes a business idea and a chance to make it economically viable.

Detailed explanation-4: -Entrepreneurship is defined as the capacity and the willingness to develop, organize, and manage a business venture in spite of the risks in order to make a profit. Entrepreneurs have a unique ability to harness creativity and innovation to produce a profit.