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Answer in Detail Entrepreneur is the 'Captain of an Industry', Explain. - Economics

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Answer in Brief

Answer in detail
Entrepreneur is the 'captain of an industry', explain.

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Solution

An entrepreneur is a person who undertakes the task of production, organises tasks, controls the activities related to production, undertakes the distribution activities as well and also bears the risk of failure of the business. He is often regarded as the captain of an industry as, like a captain, the entrepreneur co-ordinates all the tasks related to production and distribution. Moreover, like a captain, an entrepreneur possesses the following characteristics.

i. Efficient - An entrepreneur is an intelligent individual. He is efficient in handling the day to day problems arising in business. An entrepreneur is a problem solver. He has the most efficient solution to any problem and does not let the problem come in the way of achieving a goal.
ii. Organiser - An entrepreneur has the ability to combine all the factors of production in an organised manner. Also, he is good in co-ordinating activities.
iii. Leadership - He can be regarded as a good leader as he has the skills to give directions to different factors of production. He also aims at finding the right people for the right job.
iv. Bold and courageous - An entrepreneur is bold and courageous as he faces difficulties with courage. He works with full confidence. He is aware of his strengths and weaknesses.
v. Vision and foresight - He has the vision and foresight and knows how to lead a team. With his vision, he can foresee the future and accordingly take the action required.
vi. Innovator - An entrepreneur is an innovator in the sense that he introduces a new combination of the means of production. This combination of the means of production can be done by introducing new products, new techniques, a new market, new sources of raw materials etc.
Concept: Factors of Production - Organisation
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APPEARS IN

Micheal Vaz Economics HSC 12th Standard Maharashtra State Board
Chapter 7 Factors of Production
Exercise | Q 1 | Page 61

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