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Understanding Entrepreneurship and Its Impact

An entrepreneur is an individual who identifies business opportunities, assembles necessary resources, and creates products or services to fulfill market demands while assuming risks for potential profits. They significantly impact the economy by creating jobs, fostering economic growth, enhancing market diversity, generating tax revenue, and promoting innovation. Social entrepreneurs specifically aim to improve societal conditions.

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giannajan.ell14
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3 views1 page

Understanding Entrepreneurship and Its Impact

An entrepreneur is an individual who identifies business opportunities, assembles necessary resources, and creates products or services to fulfill market demands while assuming risks for potential profits. They significantly impact the economy by creating jobs, fostering economic growth, enhancing market diversity, generating tax revenue, and promoting innovation. Social entrepreneurs specifically aim to improve societal conditions.

Uploaded by

giannajan.ell14
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© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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[Link] the term entrepreneur.

(3 marks)

An entrepreneur is a person who sees a chance to start a business, gathers


what they need, and creates a product or service to meet a demand. They
take on risks, but if the business does well, they can earn profit.

2. How does an entrepreneur contribute to the economy of a country? (6


marks)

An entrepreneur contributes to the economy of a country by providing job for


citizens, contributes to the growth of the economy, advances the market
diversity, generates tax revenue, influences innovation and creativity and

3. Identify THREE factors that are driving contemporary entrepreneurship


into the modern economy (6 marks).

4. What is the purpose of Social Entrepreneurs? (3 marks)

The purpose of Social entrepreneurs is to improve societal conditions

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