How Adam Smith defined an entrepreneur?

A.VERIFIED ANSWERfact-checked by tutors

According to Adam Smith, an entrepreneur is an individual who undertakes the formation of an organisation for commercial purposes by organising the potential demand for goods and services. He acts as an economic agent and transforms demand into supply.

Suggested Q&A

GENERAL · CLASS 11

GeneralCLASS 11
Why an entrepreneur is referred as a change agent?
GeneralCLASS 11
Is the concept of entrepreneurship confined to big business enterprises and economic institutions only?
GeneralCLASS 11
Mention three qualities of an entrepreneur as stated by Peter Drucker.
GeneralCLASS 11
Name the economist known for the various theories on the principles of economics.
GeneralCLASS 11
How entrepreneurship helps in harnessing youth vigour?
GeneralCLASS 11
Mention the importance of entrepreneurs in the following context. 6 Marks - Commercialising new ventures and products. - Offering challenging career options. - Reducing concentration of economic power.