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Entrepreneurship and Business Idea

The document discusses entrepreneurship and business ideas, including offering new services and products and selling on deferred payment plans. It also lists the distinct characteristics of entrepreneurs such as organizing production factors, making business decisions, taking risks, and being innovators.

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akerra
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24 views1 page

Entrepreneurship and Business Idea

The document discusses entrepreneurship and business ideas, including offering new services and products and selling on deferred payment plans. It also lists the distinct characteristics of entrepreneurs such as organizing production factors, making business decisions, taking risks, and being innovators.

Uploaded by

akerra
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Entrepreneurship and Business Idea

To compete effectively (innovations):


1. Offering business services during Sundays and holidays;
2. Manufacture and sale of new products; and
3. Selling on a deferred payment scheme.

Distinct Characteristics of Entrepreneurs:

1. Have the competence to organize factors of production .


-Entrepreneurs have the skills to mix the right amount of land,
labor, & capital in establishing an enterprise.

2. Know how to make business decision.


-they can easily answer the three basic economic questions.
3. Risk takers - They have the ability & courage to face
uncertainties involved in business activities.
Eg. Fortuitous event

4. Innovators. – they have the ability to introduce or


improve a product that already exists in the market
&/or create new ways of organizing business.

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