Question

Entrepreneurship is one of the most important parts of economics in a free-enterprise system. Why do you think this is so? Explain in detail

Answer 1

It is true rhat entrepreneurship is considered to be one of the most important part of the free enterprise system. He is the one which develops, creates, staffs, organises and manages the whole system and his empire to make a profit for the sustainability of the business. I think this statement is absolutely correct because of the given factors:

• Development of the idea: The first that makes the entrepreneur as the best element in the market is because of his creativity and the development of the ideas. He is the one who understood what opportunities were available in the market, how the market could be captures, resources could be claimed and thus how that one idea could be generated to make profits of millions.
• Strategic Decision Making: He is the one who makes the mos strategical decision in the industry. Whether to procure any product or not, whether to invest or not, diversify the business or not, is the opportunity worth capturing or not; the entrepreneur is having the best decision making power to handle the economy and understand the concept.
• They take risk and grow empire: At last, how strategically they have the confidence to take the risk and grow their empire. How to effectively and efficiently utilise their resource for the most output, most profit, least cost and sustainability makes the entrepreneur one of the best part of the free economy.