1.2.2 Entrepreneurial motives
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Last updated 6:49 PM on 1/5/26
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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.
3
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Ethical and social motives
Some entrepreneurs aim to improve society or leave a personal legacy.
4
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Independence
Entrepreneurship offers flexibility, allowing control over when and where to work.
5
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Work-life balance
Entrepreneurs can spend more time with family and manage their own schedule.
6
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Note 
Flashcards (38)