Factors of production

The same is true for those who reject the idea and argue that education is not the only factor that affect production and economic growth. Certainly one can argue for wither side of the debate. However, Schultz’s argument is supported by empirical studies that show there is a direct correlation between education, wages, and the quality of input and output in production, thus economic growth. For this reason, individual who choose not to invest in higher education or lack formal training are at a disadvantage both economically and to an extent,…

Entrepreneurial confidence can be described as the believe in one’s ability and capacity to effectively organize and coordinate various processes comprising of a combination of both tangible and intangible factors in such a way that allows for meaningful outputs and from which the initiator or individual can generate a sensible income or return (Botham & Graves, 2009; Shane, 2000). It denotes a sense of direction and will; which having identified various risk and impediments as to the successful…

THEME 1 HOW IMPORTANT IS ENTREPRENEURSHIP IN THE DEVELOPMENT AND GROWTH OF THE ECONOMY OF THE COUNTRY? An entrepreneur is someone who is creative and innovative and is able to identify a business opportunity or gap in the market. An entrepreneur is also willing to take a risk in starting up business and is therefore a risk taker. They have belief in themselves that the opportunity that they identified can become real through hard work and commitment. They are prepared to back their business with…

Introduction: Entrepreneurship can be classified as the acts of creation, renewal or innovation that occur internally or externally of an existing business (Sharma & Chrisman, 1999). Influencing factors depict the importance of entrepreneurship in the development and growth of a country, namely: the role of an entrepreneur, the relationship between entrepreneurship and development. (users.ipfw.edu, 2007) The Importance of entrepreneurship in economic development and growth can be seen with…

The term entrepreneurial opportunity would usually presume a profit-motivated event. The adjective entrepreneurial emphasises that the profits are chased through creating a new good and presenting it to the market (Whetten, 1989). Other scholars define the entrepreneurial opportunity as situation that provokes the discovery of new goods, services, production technologies and organizing methods that are able to obtain some economic value in the future (Shane and Venkataraman, 2000). The…

that could play an important role in an individual’s tendency towards their entrepreneurial actions. (Marius Kahlert, 2015) How the aspects of entrepreneurial personality reflect upon the motivation and mindset of an entrepreneur can be explained quite simply. The personality of an entrepreneur is going to be a deciding factor on the way they think and how easily they are motivated. For example Neuroticism, or the emotional well-being of an individual, if one person is very self-confident the…

What Factors Might an Entrepreneur Consider When Trying to Identify an Opportunity for a New Enterprise? In nowadays society, entrepreneurs are the key roles in a market economy. More and more young people desire to become entrepreneurs and have their own business. It is attractive to be an entrepreneur. But the way to becoming an entrepreneur is difficult and full of risks and challenges so that it is not everyone can be an entrepreneur. To start a new business, entrepreneurs should think of…

Keynes defines the “economics problem” as “the struggle for subsistence” in his essay. In fact, “economic problem” also refers to the “technological unemployment”. Human being have a problem in finding the way to live and to sacrifice the needs in life. The standard of living is affected by the scarcity of economics. The economic scarcity does become a big problem because the society is lack of the resources to provide goods and services for everyone who needs. This is one of the most…

Lesson 2.1 Which type of business takes resources from nature to make its products? Name several examples. The business that gets their resources from nature is Extractors. Some examples are oil refineries and mines. Oil drillers extract oil from the ground then it is used as a resource. Miners also get coal and other minerals from nature and use them for goods. Why is raising capital critical to success of a business? Raising capital is critical to a business. Without capital there would not…

Based on my experience and what I have learned in Junior Achievement Exploring Economics, I have learned that it takes four important skills to become a successful entrepreneur in today’s economy. Every successful entrepreneur in today’s economy needs to have good communication skills, you need to have great salesmanship skills, you also need a fully thought out and prepared strategy for long-term goals in your business as well as short term-goals, and finally you need finance to support your…