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 Form 1 Business Studies online video lessons on production

Entrepreneurship as a factor of production and functions of an entrepreneur

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Answer Text:
Entrepreneurship.
-An entrepreneur is a person who brings together all factors of production to start and run a business thus creating goods and services.
-Entrepreneurship is the ability to organize factors of production for effective production.
Functions of an entrepreneur.
-The entrepreneur organizes all other factor of production.
-The entrepreneur provides other factors of production
-The entrepreneur takes risk to start and operate the business
-He or she rewards the other factors of production.
-The entrepreneur identifies a business opportunity and owns the whole project.
-He looks for resources to start and run a business.
-The reward of entrepreneur is profit.


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