ENTREPRENEURSHIP

Detailed explanation-1: -An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.

Detailed explanation-2: -Risk-bearing in entrepreneurship means taking responsibility for risks taken and accepting potential losses. As an entrepreneur, you are the first line of defense for bearing risks.

Detailed explanation-3: -Becoming an entrepreneur offers personal and professional freedom, including the chance to manage work-life balance and make decisions about a company’s future. Running a business does come with risks, including those related to market and economic trends, finances and technology.

Detailed explanation-4: -Entrepreneurs face multiple risks such as bankruptcy, financial risk, competitive risks, environmental risks, reputational risks, and political and economic risks. Entrepreneurs must plan wisely in terms of budgeting and show investors that they are considering risks by creating a realistic business plan.

Detailed explanation-5: -Entrepreneur. A person, who organises production, takes important decisions regarding production and bears the risk involved in the production process is called an entrepreneur.