THE ENTREPRENEURSHIP SECTOR IN THE FIRM OF AN INDUSTRY.

Entrepreneurship sector in Nigeria,From the general knowledge of our junior school days back then, we were told that there are some factors of production which are labour, land and Capital. But subsequently we got to know from research that entrepreneurship has been said to be the fourth factor of production.

Source

It was stated that land, labour and capital are the most important among the factors of production which are organized and coordinate. Which is the work of the entrepreneur to control the affairs of a firm or an industry as a whole.

Source

For every industry or a firm, it is paramount that there must be a person ready to carry the responsibility of the whole firm upon his or herself. This person will stand in the position to provide the capitals needed by the firm to get the raw materials needed for the production of products and also the the money needed to pay workers and also to pay dividends to workers. This is a huge task which the entrepreneur carry and the post if an entrepreneur is no a post to be taken for levity.

Source

The rewards for the entrepreneur is profit. The entrepreneur is also responsible for policy making and also they coordinate the work of the three factors of production and also take necessary decision which are important to make the firm go in line with the demand of the consumers.

Source

The entrepreneur also determine the kind of firm they will build up and the kind of business strategies they will adopt. An entrepreneur also decided where and how to setup a plant. They also help in choice making and management control.

Source

In conclusion, the entrepreneur is also the key or the main domain of the system. Its a body who decide what the society wants and when it is needed and when they want it at an appropriate time and the resources to use in the branding of the products.

Source

The entrepreneur should be regarded as the middlemen between the demand and supply of the system because it is through them the mind and preference of the consumers are known and the price they are willing and able to pay for goods. The entrepreneur plays a vital role in the economic sector they must be accorded what they deserve.