In the modern age, the significance of the entrepreneur as a factor of production has increased manifold.
image credits - unplash
(i) Certain Risks: Risks like fire, theft, accident, etc. are certain risks that can be foreseen and also forestalled.
image credits - unplash
(2) Entrepreneur manages business and takes decisions: Another function of the entrepreneur is to control and manage his business.
image credits - unplash
In economics all activities of a man, whether mental or physical, that are undertaken to earn wealth are called labour.
image credits - unplash
1. Nature of Work: The Nature of work of an entrepreneur is much different and comprehensive than that of jobs from the selection of occupation to the sale of the product. 2. Mobility: A labourer is more mobile than an entrepreneur.
image credits - unplash
(i) Nature of Work: A capitalist’s function is to lend his capital. He is a creditor. An entrepreneur up the business enterprise and is its owner.
image credits - unplash
Nature of Business Organisation: The functions of an entrepreneur and an organizer are in partnership. Nature of Risk: An entrepreneur is responsible for the profit and loss of the concern but not the organizer.
image credits - unplash
1. Farsightedness. 2. Knowledge of Business 3. Quality of organizing the Labour 4. Quality of leadership. 5. High Education.
image credits - unplash
1. Key to Progress: Entrepreneurs are considered the most critical factor for economic growth. 2. Need for Leaders: Managing this uncertain industrial landscape requires qualified and talented leaders.
image credits - unplash