Describe the skills of an entrepreneur to distribute the factors of production
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An entrepreneur is a person who combines the other factors of production - land, labor, and capital - to earn a profit. The most successful entrepreneurs are innovators who find new ways produce goods and services or who develop new goods and services to bring to market.
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An entrepreneur is someone who takes on the economic risk involved in bringing the other three factors of production together. Entrepreneurs are a vital engine of economic growth at all scales, helping to build many of the largest firms in the world as well as some of the small businesses in your neighborhood. Entrepreneurs help contribute to economic growth, so governments typically do their best to encourage entrepreneurship using the right combination of policies to make starting a business accessible.
The payment an entrepreneur receives is referred to as profit, and functions as a reward for the risk they take.
Most entrepreneurs start small businesses, not the big companies that we all know the names of. Of six million companies in the United States, a total of 5.8 million are small businesses. 65 percent of new jobs are created by these small businesses. Entrepreneurs can acquire the money for their new small businesses by issuing what’s known as an initial public offering on the stock market, with shares of small-cap stocks
The payment an entrepreneur receives is referred to as profit, and functions as a reward for the risk they take.
Most entrepreneurs start small businesses, not the big companies that we all know the names of. Of six million companies in the United States, a total of 5.8 million are small businesses. 65 percent of new jobs are created by these small businesses. Entrepreneurs can acquire the money for their new small businesses by issuing what’s known as an initial public offering on the stock market, with shares of small-cap stocks
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