Q.What are the functions of Entrepreneur ?

An entrepreneur initiates the business, organises the factors of production, takes key decisions, bears risk and uncertainty, innovates, and manages/controls the enterprise.

The entrepreneur is the factor of production that brings together land, labour and capital and organises production, earning profit as the reward. His main functions are:

1. Initiation / idea — he conceives the business idea and starts the enterprise.
2. Organisation and coordination — he brings together and combines the other factors of production (land, labour, capital) in the right proportion.
3. Decision-making — he decides the central problems of the firm: what to produce, how to produce and for whom to produce.
4. Risk-bearing and uncertainty-bearing — he bears the unpredictable risks of business (changes in demand, prices, costs), which cannot be shifted to others. …