Notice: Payments for answers will end 4/10/2017. Click for more info.
You have new items in your feed. Click to view.
Question and answer
Q: Identify and briefly describe three rewards of entrepreneurship.
A: Early economist agreed that among the four factors of production, (land, labor, [ capital and organization) organization is the factor that is the coordinating factor that brings together the other three factors and the entrepreneurship is the element that powers and strengthens the organization. These economists approved that the entrepreneur has a vast understanding of the workings of the
industry in which he determines to undertake the venture. Also, the entrepreneurship is a skill that not everyone possesses. The ability to be an entrepreneur is inherited and is displayed by a minority in a population. A few modern economists believe that entrepreneurship is itself the fourth factor of production that is the most important in driving a successful economy. These experts are of the view that entrepreneur are defined by their risk taking abilities and their intentions to fill in the void because of the existing lack of knowledge about a product. According to them the entrepreneur ventures are carried out where there is a gap in the development of a product. The entrepreneurs work to fill the gap by introducing something that increases the effectiveness of the already existing product. Still, many recent theories of entrepreneurship stress that it is not only the inherent and risk taking abilities of a person that can define an entrepreneur but also the ability to predict where the opportunity for growth exist. By grasping these favorable opportunities, an entrepreneur works to create a new product by using innovation. The new entrepreneurs are able to track the deficiencies in the demand and supply of the market and provide a new improved product, for which there will be a demand. It is true that a great amount of entrepreneurship projects in the developing countries can be attributed to inventing a new product, very few of the entrepreneurs can innovate a new product in less developed countries due to limited resources. ]
Expert answered|selymi|Points 4979|
Question
Asked 7/23/2011 11:46:55 PM
0 Answers/Comments
Get an answer
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
26,572,372 questions answered
Popular Conversations
6. Solve the equation. Show your work. Check your answer. 3x – 7 = 5x ...
Weegy: 3x – 7 = 5x + 19 , 3x - 5x = 19+7, -2x = 26, - x=26/2, x=-13
1/10/2018 8:46:51 AM| 3 Answers
9/11= /22
Weegy: Multiply the numerator of the first fraction by the denominator of the second fraction. Set this equal to the ...
1/10/2018 4:50:25 PM| 3 Answers
19. In which one of the following circumstances could the doctor ...
Weegy: The following circumstances could the doctor charge a premium: An emergency call at 1:30 A.M.
1/7/2018 10:15:00 AM| 2 Answers
Simplify this expression: 19 – (–8) – (–14) = ? A. 25 ...
Weegy: 19 ? (?8) ? (?14)
1/15/2018 10:29:20 PM| 2 Answers
what does irrelevant mean
Weegy: An irrelevant cost is a cost that will not change as the result of a management decision. User: Find the ...
1/8/2018 8:16:56 AM| 2 Answers
Which of these lines contains a metaphor? A. You are like a ...
Weegy: The line that contains a metaphor is: User: Repeating consonant sounds, typically the last letter of a word, ...
1/8/2018 3:55:57 PM| 2 Answers
Cells are the basic of our bodies.
Weegy: Cells are the basic of our bodies. TRUE
1/10/2018 7:36:07 AM| 2 Answers
Weegy Stuff
S
L
R
Points 450 [Total 742] Ratings 1 Comments 440 Invitations 0 Online
S
L
Points 70 [Total 4521] Ratings 0 Comments 30 Invitations 4 Offline
S
P
L
P
Points 64 [Total 182] Ratings 0 Comments 64 Invitations 0 Offline
S
Points 17 [Total 17] Ratings 0 Comments 17 Invitations 0 Offline
S
Points 10 [Total 10] Ratings 0 Comments 0 Invitations 1 Offline
S
P
Points 5 [Total 44] Ratings 0 Comments 5 Invitations 0 Offline
S
Points 4 [Total 4] Ratings 0 Comments 4 Invitations 0 Offline
S
Points 2 [Total 2] Ratings 0 Comments 2 Invitations 0 Offline
S
Points 1 [Total 1] Ratings 0 Comments 1 Invitations 0 Offline
S
P
L
Points 1 [Total 188] Ratings 0 Comments 1 Invitations 0 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.