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In an attempt to make profits, the ENTREPRENEUR performs: • Supply the necessary capital • Organize production by buying and combining inputs like materials and labor • Decide on the rate of output, in the light of his expectation about demand • To bear the risk inherent to the venture

In an attempt to make profits, the ENTREPRENEUR performs: • Supply the necessary capital • Organize production by buying and combining inputs like materials and labor • Decide on the rate of output, in the light of his expectation about demand • To bear the risk inherent to the venture

Principles of Management
Principles of Management
OER 2019th Edition
ISBN:9780998625768
Author:OpenStax
Publisher:OpenStax
Chapter8: Strategic Analysis: Understanding A Firm’s Competitive Environment
Section8.3: A Firm's External Macro Environment: Pestel
Problem 3CTQ: Explain what favorable PESTEL factors support LEGOs efforts.
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ENTREPRENEUR'S TASK • Provide products and services for customers and producers • Provide employment • Provision of payment of taxes • Provide for supplier's products and services • Provide training facilities for future entrepreneurs The Entrepreneurial Tasks Land (Natural Resources). Labor (Human Resources) Capital (Financial Resources Entrepreneur Production Process Financial Good and Services Figure 1 Entrepreneurial Tasks In an attempt to make profits, the ENTREPRENEUR performs: • Supply the necessary capital • Organize production by buying and combining inputs like materials and labor • Decide on the rate of output, in the light of his expectation about demand • To bear the risk inherent to the venture
Transcribed Image Text:ENTREPRENEUR'S TASK • Provide products and services for customers and producers • Provide employment • Provision of payment of taxes • Provide for supplier's products and services • Provide training facilities for future entrepreneurs The Entrepreneurial Tasks Land (Natural Resources). Labor (Human Resources) Capital (Financial Resources Entrepreneur Production Process Financial Good and Services Figure 1 Entrepreneurial Tasks In an attempt to make profits, the ENTREPRENEUR performs: • Supply the necessary capital • Organize production by buying and combining inputs like materials and labor • Decide on the rate of output, in the light of his expectation about demand • To bear the risk inherent to the venture
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