1.2.2 Entrepreneurial motives

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6 Terms

1
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Profit as an incentive

Entrepreneurs take risks to earn profit, motivating them to innovate, reduce costs, and improve products.

2
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Factors of production

Entrepreneurs combine land, labour, capital, and enterprise to make a profit.

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Ethical and social motives

Some entrepreneurs aim to improve society or leave a personal legacy.

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Independence

Entrepreneurship offers flexibility, allowing control over when and where to work.

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Work-life balance

Entrepreneurs can spend more time with family and manage their own schedule.

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