ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Wealth Creation and Sharing: By establishing the business entity, entrepreneurs invest their own resources and attract capital (in the form of debt, equity, etc.) from investors, lenders and the public. This mobilizes public wealth and allows people to benefit from the success of entrepreneurs and growing businesses.

Detailed explanation-2: -Wealth Creating. An entrepreneur combines the factors of production (land, labour and capital) to create products; services and job opportunities. The average entrepreneur sees opportunities that others do net perceive or care about and uses relevant data and information to create something new.

Detailed explanation-3: -They not only invest their own capital but also attract capital from the market. Entrepreneurs make productive use of these savings, they mobilize them and turn them into a productive resource. This pooled financial resource or capital is the basis of wealth creation in the economy.

Detailed explanation-4: -There are five basic types of capital resources that are absolutely critical to the entrepreneurial process. They are human capital, opportunity capital, economic capital, financial capital, and entrepreneurial capital. Includes physical labor, one of the most important resources.

Detailed explanation-5: -Buyer entrepreneurship A buyer is a type of entrepreneur who uses their wealth to fuel their business ventures. Their specialty is to use their fortunes to buy businesses that they think will be successful.