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Detailed Study of Entrepreneurship

Entrepreneur is the person who undertakes the responsibilities and risks of employing land, labour and capital. He decides how to use these resources in the production process.

Importance of Entrepreneurs
An entrepreneur is important for any business.
  • He makes decisions
  • He bears risks
  • He organizes and manages the business
  • He takes all the responsibilities of running the business
  • He initiate in seeking new business opportunities
  • He invent and commercialize new products

Functions of Entrepreneurs
  • Taking initiative
  • Planning and promotion of the business
  • Coordinating daily works
  • Raising necessary capital
  • Marketing of goods
  • Inventions and innovations

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Factors of Production and their Rewards

Type Definition Reward Land Labour Capital Enterprise All natural resources The physical and mental works of people All man made tools and machines All managers and organizers Rent Salary/Wage Interest Profit/Loss

Factors Affecting Geographical Mobility of Labour

Geographical Mobility of Labour refers to the movement of workers from one place to another place.  It depends upon; ·     cost of housing ·     cost of relocation ·     availability of social amenities ·     family ties etc

Factors Affecting Occupational Mobility of Labour

Occupational Mobility of Labour refers to the movement of workers from one occupation to another occupation. It depends upon; ·     the facilities for training and retraining ·     wage differentials ·     job security ·     future prospects ·     fringe benefits etc