Entrepreneurship and Business Idea

To compete effectively (innovations):

1. Offering business services during Sundays and holidays;
2. Manufacture and sale of new products; and
3. Selling on a deferred payment scheme.

Distinct Characteristics of Entrepreneurs:

1. Have the competence to organize factors of production .

-Entrepreneurs have the skills to mix the right amount of land,
labor, & capital in establishing an enterprise.

2. Know how to make business decision.

-they can easily answer the three basic economic questions.
3. Risk takers - They have the ability & courage to face
uncertainties involved in business activities.
Eg. Fortuitous event

4. Innovators. – they have the ability to introduce or

improve a product that already exists in the market
&/or create new ways of organizing business.