ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -An entrepreneur is a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.

Detailed explanation-2: -The Merriam-Webster Dictionary defines an entrepreneur as: “one who organizes, manages and assumes the risk of a business or enterprise".

Detailed explanation-3: -An entrepreneur is someone who has an idea and who works to create a product or service that people will buy, as well as an organization to support that effort. An entrepreneur takes on most of the risk and initiative for their new business, and is often seen as a visionary or innovator.

Detailed explanation-4: -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.

Detailed explanation-5: -An entrepreneur is a person who sets up a business or businesses and often takes on financial risks in the hope of profit. Entrepreneurs usually work in their own businesses and usually employ others to work for them. In many small businesses, family members are often the initial employees.