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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|
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Asked 7/23/2011 11:46:55 PM
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