Role of a Business and Entrepreneur

Businesses and Entrepreneurs

A business is an organisation that exists to provide goods and services on a commercial basis to customers. 

Goods - Physical items, e.g. phones and cars.

Services - Intangible products, e.g. insurance and cleaning.

There are numerous benefits that the role of a business has on society:

• Creates employment and develops human capital (teaches skills).
• Drives innovation through R&D (research and development).
• Pays taxes to the government on profits earned.
• Creates monetary wealth by providing a return on investment.

An entrepreneur is a person who organises, operates and assumes the risk for a business venture. They have a few roles to act upon:

• Spot business opportunities. 
• Take calculated risks to gain possible future returns.
• Act as the catalyst for the creation…