Question

BADM 200 Philosophy of Business

DQ 7:

Based on your readings and additional research, describe what you believe is the most critical role of entrepreneurship in our capitalistic society. Defend your position and give specific examples.

Answer 1

In order to meet the demands of the consumers in the market industry which in turn leads to profit generation

A capitalist society is characterized by the following;

1.There is ownership of private property.

2.There is capital accumulation.

3.Existence of a price system.

4.Existence of competitive markets.

The reason as to why the most critical role of an entrepreneur in a capitalist society is to sufficiently meet the exact demand of its consumers industry which in turn leads to profit generation can be illustrated as follows;

If there is no demand for the various goods and services in a capitalist economy, then there would be no entrepreneurs. Therefore for the entrepreneurs to thrive in a capitalist society, they need to produce goods and services using the resources at their disposal that meet the exact needs and demands of these consumers.