Q.Explain the 5 functions of entrepreneurs.

An entrepreneur conceives the business idea, arranges resources, innovates, organises and takes decisions, and bears the risk and uncertainty of the enterprise.

Functions of an Entrepreneur

1. Identifying the opportunity / idea generation - Perceiving a profitable business opportunity and forming the business idea.
2. Arranging the factors of production - Bringing together land, labour, capital and organisation needed to start the enterprise.
3. Innovation - Introducing new products, new methods of production, new markets or new sources of supply.
4. Decision-making and organising - Deciding what, how and for whom to produce, and organising and coordinating the resources and people. …