Entrepreneurs/CEOs' Factors of Production and Core Elements of the Firms/Entities

Alexandru Trifu

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Abstract: The approach is taking into account the fact that Entrepreneurs and, broadly speaking, the CEOs are ubiquitous, a characteristic of the market that can never be absent. It is considered a modern factor of production, along with the classic ones, as land, labor, and capital. For our purpose, we consider a factor of production any resource needed for the creation of an economic good, or service, in order to make, finally, profit. In this respect, both owners/entrepreneurs and CEOs are considered a decisive factor of production because, by their skills, knowledge, and abilities, they create and add value to the firm/corporation. We used the quantitative research, consisting in the study of the practices and experiences of the firms, ownership and management in order to synthesize that the Entrepreneurship and CEOs' existence are intrinsic and vital to economic businesses. The results prove that it is necessary combining in original and efficient manner the skills and knowledge of the Entrepreneur and CEOs to get profit and the sustainability on the specific market. These challenges demand quick and appropriate answers from entities. Therefore, the theory of the firm, the theory of entrepreneurship has to be developed based on these new realities and folded on the main form of organization.

Keywords: factors of production; entrepreneurship; CEO; skills; knowledge; profitability (search for similar items in EconPapers)
JEL-codes: M14 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ito:pchaps:243314

DOI: 10.5772/intechopen.101191

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