Justify the following statement. Entrepreneurship is the best source for self- employment.

Justify the following statement.

Entrepreneurship is the best source for self- employment.

Solution: 

(1) Intellectual capabilities: 

An entrepreneur is a creative thinker. He always thinks more creatively and better than others. He always gives innovative ideas which are the sign of his intellectual capabilities. He has the ability to analyze any situation and take the proper decisions.

 

(2) Future vision: 

The entrepreneurs have the ability to foresee the future market conditions. He can take appropriate decisions by considering the recent market situation and changes in market conditions. He must have knowledge of the external business environment. This enables them to take timely actions.

3) Technical knowledge: 

The entrepreneur should have advanced technical knowledge about the products and services, plans of production, etc. An entrepreneur should also update his technical knowledge from time to time to understand the latest changes that take place in technology.

(4) Risk-bearing capacity: 

This is one of the main characteristics of an entrepreneur. He should be calculative in taking a risk. He should be prepared to face challenges and look for opportunities in every adverse situation of the business.

Thus Entrepreneurship is the best source of self-employment.

OCM [Organisation of Commerce and Management] Business Studies, XII 12th Standard, 

HSC OCM MARCH 2020 BOARD PAPER WITH COMPLETE SOLUTION OMTEX CLASSES

Balbharati Solutions for Organisation of Commerce and Management (OC) 12th Standard HSC Maharashtra State Board

Chapter 1: Principles of Management

Chapter 2: Functions of Management

Chapter 3: Entrepreneurship Development

Chapter 4: Business Services

Chapter 5: Emerging Modes of Business

Chapter 6: Social Responsibilities of Business

Chapter 7: Consumer Protection

Chapter 8: Marketing