ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -An entrepreneur is an individual who starts and runs a business with limited resources and planning, and is responsible for all the risks and rewards of their business venture. The business idea usually encompasses a new product or service rather than an existing business model.

Detailed explanation-2: -A person who undertakes the risk of starting a new business venture is called an entrepreneur. An entrepreneur creates a firm to realize their idea, known as entrepreneurship, which aggregates capital and labor in order to produce goods or services for profit.

Detailed explanation-3: -According to the Oxford Dictionary, an entrepreneur is “a person who organizes and operates a business or businesses, taking on greater than normal financial risks to do so.” This means that many entrepreneurs are just starting out with a business.

Detailed explanation-4: -An entrepreneur is the one who organizes, manages, and assumes the risks of a business or enterprise. Risk taking is one of the key elements of entrepreneurship. An entrepreneur bears all the risks associated with the activities of the business.

Detailed explanation-5: -The idea of entrepreneurs as organizers implies that the most successful entrepreneurs are able to find competitive advantage in terms of higher efficiency. They are able to exploit all resources necessary to do a certain business.