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Answer :
Final answer:
An entrepreneur is the individual who takes the initiative to start and manage a business, aiming to make a profit by taking calculated risks. Entrepreneurs are integral to the economy, contributing to innovation and economic productivity by combining resources to create valued products or services.
Explanation:
The person who takes the risk of starting and managing a business to make a profit is known as an entrepreneur. Entrepreneurs are characterized by their willingness to take calculated risks and their ability to innovate. They are responsible for combining various factors of production, including capital, labor, and resources, to create a product or service that meets market demands.
An entrepreneur is different from a venture capitalist who provides capital to startups with high growth potential, or a franchiser who grants licenses to others to operate a business under their brand. The process of starting and running a business requires entrepreneurship, which includes not only an innovative business idea but also the ability to withstand the ups and downs of the business cycle, handle various aspects of business management, and push through economic challenges like inflation and unemployment.
Through entrepreneurship, individuals have the opportunity to bring their unique ideas to life, potentially leading to significant financial rewards and advancements in the market, all the while contributing to the Gross Domestic Product and overall economic productivity of a country.
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