Entrepreneurship Notes
An entrepreneur is a person who starts a new firm, incurring the most of the risks and reaping the majority of the gains. Entrepreneurship refers to the process of starting a business.
Entrepreneurs play an important role in every economy because they have the ability and initiative to foresee demands and bring innovative ideas to market. Entrepreneurship that succeeds in taking on the risks of starting a business is rewarded with revenues and expansion prospects.
Entrepreneurship is one of four resources identified by economists as essential to production: land/natural resources, labour, and capital. The first three of these are combined by an entrepreneur to produce items or deliver services. They usually develop a business strategy, hire employees, get resources and finance, and offer leadership and management for the company.
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