distinguish between of labour and entrepreneur
Answers
Explanation:
Labor is a factor of production and is needed to get many tasks done not just the ones we typically associate with physical labor. Even if we are doing work such as working on a laptop, this takes a degree of physical activity but we usually think about heavy lifting or the like.
Labor has been considered a factor of production in all schools of economic thoughts. Basically, labor is “human effort used in production which also includes technical and marketing expertise”. Because of this vagueness, it is easy to confuse between “labor” and “entrepreneurship”. But we must realize that the definition of entrepreneurship in the field of economics and business is different!
In economics, labor refers to the physical work done to produce goods or services and entrepreneurship refers to the innovations devised to produce goods or services. This is the essential difference between the two.
What Is Entrepreneurship
Simply put, entrepreneurship is brain labor and also often physical labor, while labor is brawn and usually associated with physical activity.
What people should recognize if they are trying to be a successful entrepreneur is that although you may think it only requires brain power to do something like pursue entrepreneurship, you might be surprised to find how much actual physical activity and labor it sometimes takes to be an entrepreneur.
Another physical demand people don’t often think about is the demand for time and strain on sleep schedule being an entrepreneur can have on your body. This begins to feel as detrimental as physical labor.
Answer:
labour: the human effort , both physical and mental , involved in the process of production.
entrepreneur: the person who organises production, takes important decisions regarding production and bears the risk involved in production