Question

Mention the characteristics of an entrepreneur.

Answer 1

1. An entrepreneur is a person who combines the different factors of production (land, labor, and capital), in the right proportion
2. Initiates the process of production and bears the risk involved in it.
3. He is not only responsible for producing the socially desirable output but also to increase social welfare.
4. Identifying profitable investible opportunities
5. Deciding the location of the production unit
6. Making innovations
7. Deciding on the reward payment
8. Taking risks and facing uncertainties.