Question

Entrepreneurship is the component of human resources that performs the functions of​ organizing, managing, and assembling the other factors of production to create and operate business ventures.
True / False.

Answer 1

Answer:

The statement is true.

Explanation:

Entrepreneurship refers to the process in which a business is set up. The process helps in the creation of businesses. The person who extends his efforts in setting these businesses is said to be entrepreneurs. They develop, manage and set up the business to earn profit out of it. Also, the risk is involved in this process because of the uncertainties involved in them.

Answer 2

Answer: True

Explanation: Entrepreneurship is the ability to create and run a business venture with the aim of generating a profit. This comes in the form of starting new businesses. It takes into account planning, organising, managing an assembling the 4 factors of production, and using these factors to create a product or service that customers can buy, in exchange for money. The four factors of production are: land, labour, natural resources and capital. It is important to note that although entrepreneurs aim to make a profit, they can also bear risks that can affect their business ventures and thus the profit that they make.