ENTREPRENEURIAL OPPORTUNITIES
IDENTIFYING AND EVALUATING BUSINESS OPPORTUNITIES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -Thus an Entrepreneur is an organizer who combines various factors of production to produce a socially viable product.
Detailed explanation-2: -The entrepreneur is the one that initiates the process of production by mobilizing the other factors of production. He organizes, manages and controls the affairs of the firm. He is the risk bearer and in consideration of this the profit maker as well. Simply put the entrepreneur is the owner of the business.
Detailed explanation-3: -Factors of production often include land, labor, capital goods and entrepreneurship. Entrepreneurship is a factor of production that can involve all other factors, and is typically considered vital for boosting economies.
Detailed explanation-4: -Entrepreneurship as a factor of production is a combination of the other three factors. Entrepreneurs use land, labor, and capital in order to produce a good or service for consumers. Entrepreneurship is involved with establishing innovative ideas and putting that into action by planning and organizing production.