Advertisements
Advertisements
Question
Most of the functions of an entrepreneur are performed by paid professionals. With a suitable example, explain the following function performed by an entrepreneur:
Innovations
Answer in Brief
Advertisements
Solution
Innovation is considered an important function of an entrepreneur. The practical application of an invention is called innovation. The entrepreneur has to choose profitable innovations and apply them to earn more and more profits. A progressive entrepreneur always takes the lead in introducing a new product or a new technique of production.
shaalaa.com
Is there an error in this question or solution?
Chapter 1: Factors of Production - Exercise [Page 32]
