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|
Asked 7/23/2011 11:46:55 PM
0 Answers/Comments
Get an answer
New answers

There are no new answers.


There are no comments.

Add an answer or comment
Log in or sign up first.
26,403,624 questions answered
Popular Conversations
Solve 3x - 1 = 10
Weegy: The solution for |2x + 1| = 10 is x = 9/2 , or x = -11/2 . User: Solve 6x - 2 = 4x + 13 for x.
9/20/2017 1:35:02 PM| 2 Answers
Weegy: 5c - 9 = 8 - 2c the answer is c = 17/7. 5c - 9 = 8 - 2c 5c + 2c = 8 + 9 7c = 17 c = 17/7
9/22/2017 3:57:10 PM| 2 Answers
Weegy: x=-a User: 4x144
9/22/2017 4:22:41 PM| 2 Answers
Over time, the body needs more and more of a drug to get the high ...
Weegy: Prescription or over the counter drugs can lead to a false positive drug test. TRUE. User: If you are upset ...
9/23/2017 2:55:58 AM| 2 Answers
Find the GCF 15, 18, 30
9/19/2017 9:38:43 AM| 2 Answers
what is business education
Weegy: Education can be defined as the art or process of imparting skill and knowledge.
9/13/2017 5:10:47 AM| 1 Answers
what is parent function?
9/13/2017 4:31:46 AM| 1 Answers
What is a participial
9/13/2017 7:04:22 AM| 1 Answers
Weegy Stuff
Points 144 [Total 1880] Ratings 4 Comments 104 Invitations 0 Offline
Points 73 [Total 84] Ratings 5 Comments 23 Invitations 0 Offline
Points 30 [Total 30] Ratings 3 Comments 0 Invitations 0 Offline
Points 16 [Total 16] Ratings 0 Comments 6 Invitations 1 Offline
Points 15 [Total 112] Ratings 0 Comments 15 Invitations 0 Offline
Points 11 [Total 11] Ratings 1 Comments 1 Invitations 0 Online
Points 10 [Total 10] Ratings 1 Comments 0 Invitations 0 Offline
Points 10 [Total 10] Ratings 1 Comments 0 Invitations 0 Offline
Points 10 [Total 10] Ratings 1 Comments 0 Invitations 0 Offline
Points 5 [Total 5] Ratings 0 Comments 5 Invitations 0 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.