#3.4 The Role of the Entrepreneur

Entrepreneurs organise production by integrating land, labour, and capital to create business opportunities.

Entrepreneurs never take financial risks when starting a business.

Innovation and creativity are essential qualities of successful entrepreneurs.

Successful entrepreneurs do not need to anticipate future market needs.

Leadership, risk-taking, and resilience are important qualities of an entrepreneur.

Entrepreneurs do not play a role in addressing the economic problem of scarcity.

Generating profit is a key objective for most entrepreneurs.

James Dyson is an example of a successful entrepreneur known for innovation in vacuum cleaner technology.

Entrepreneurs only operate in the manufacturing sector.

Specialisation and division of labour help entrepreneurs improve production efficiency.

The division of labour can lead to worker dissatisfaction due to repetitive tasks.

The reward for land as a factor of production is wages.

Labour is compensated through wages, which depend on the value of work performed.

Capital earns financial returns in the form of interest or profit.

The reward for enterprise is wages.

Entrepreneurs rely only on physical capital, such as machinery, and do not require human capital.

Entrepreneurs do not contribute to economic growth.

Entrepreneurs require passion and skills to identify and produce goods with market value.

Entrepreneurs never invest their own money in business ventures.

The role of an entrepreneur includes taking risks, organising production, and driving innovation.