Entrepreneurs play a crucial role in the exchange of goods and services in the market. The functions of entrepreneurs related to exchange are as follows:
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Perceive market opportunities: Entrepreneurs identify market opportunities and create products or services to meet the needs of consumers.
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Innovation: Entrepreneurs bring new products and services to the market, which can lead to financial success.
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Risk-taking: Entrepreneurs take responsibility for the financial and practical risks of running their business.
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Trading: Trading entrepreneurs procure finished products from manufacturers and sell them directly to customers or through retailers.
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Production: Entrepreneurs are concerned with the production of goods and services, which contributes to the GDP and affects employment.
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Allocation of resources: Entrepreneurs acquire resources and financing, and provide leadership and management for the business.
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Organizing business structure: Entrepreneurs are responsible for organizing a business structure and environment that helps each employee maximize their potential.
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Hiring qualified staff: Entrepreneurs need to allocate their employees responsibilities effectively and hire qualified and competent staff.
In summary, entrepreneurs perceive market opportunities, innovate, take risks, trade, produce goods and services, allocate resources, organize business structure, and hire qualified staff to contribute to the exchange of goods and services in the market.
