Question

What are the functions of Entrepreneur?

Answer 1

Functions of an Entrepreneur:

1. Initiation:
   An organizer is the initiator of the business, by considering the situation and availability of resources and planning the entire process of business of production.
2. Innovation:
   A successful entrepreneur is always an innovator. He introduces new methods in the production process.
3. Coordination:
   An organizer applies a particular combination of the factor of production to start and run the business or production.
4. Control, Direction, and Supervision:
   An organizer controls so that nothing prevents the organization from achieving its goal. He directs the factors to get better results and supervises the efficient functioning of all the factors involved in the process of production.
5. Risk-taking and uncertainty-bearing:
   There are risk-taking and uncertainty-bearing obstacles. Risks may be insured but uncertainties cannot be insured. They reduce the profit.