ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -Risk-taking is an important part of entrepreneurship and business. Risk-taking is defined as trying out something new when the results are largely unknown. A risk-taker is someone who will risk everything in the hope of achieving their goals.

Detailed explanation-3: -Entrepreneurs are people who take the risks of organizing productive resources to make goods and services. Profit is an important incentive that leads entrepreneurs to accept the risks of business failure.

Detailed explanation-4: -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-5: -Schumpeter stressed the role of the entrepreneur as an innovator who implements change in an economy by introducing new goods or new methods of production. In the Schumpeterian view, the entrepreneur is a disruptive force in an economy.