MANAGEMENT

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: -Entrepreneurship means setting up a business to make a profit. Risk taking. The term risk means that the outcome of the entrepreneurial venture can’t be known.

Detailed explanation-3: -Entrepreneurship is the willingness and ability to establish, organise and manage a business and take financial risks to make profits.

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.