Economics » Factors of Production » Features and Rewards

Entrepreneurship

Entrepreneurship is the factor that organises and co-ordinates the human and material resources in the production of goods and services. The entrepreneur can also be referred to as the innovator, risk-taker, or decision maker. He gets profit as a reward for his services, and sometimes incurs losses.

Features of Entrepreneurship

  1. He employs all other factors of production, including labour.
  2. His reward is profit.
  3. He bears all the risks of the business.
  4. He makes the decisions and also generates the ideas in the business.

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