Describe entrepreneurial functions of an entrepreneur.
Answers
The entrepreneurial functions of an entrepreneur are as follows :
(1) Innovation :
It is the basic function of an entrepreneur. An entrepreneur should be the one who introduces something new and creative to the market.
An Entrepreneur should find new means of production, raw material, products etc. E.g smart phones.
(2) Risk taking :
It refers to the ability of an entrepreneur to take risk,i.e, the responsibility for a loss that may occur due to unforeseen circumstances of the future.
(3) Organisation building :
It refers to bringing together the factors of production to carry out production activities. The main purpose is to distribute the productive resources in order to reduce the losses and thereby decrease the production cost.
Hope this answer will help you….
Here are some more questions from this chapter :
Differentiate between entrepreneur and entrepreneurship.
https://brainly.in/question/18056315
Explain any two advantages of being an Entrepreneur.
https://brainly.in/question/18056328
Explanation:
.
Top 5 Functions of an Entrepreneur | Functions | Entrepreneurs Decision Making:
- The primary task of an entrepreneur is to decide the policy of production.
- An entrepreneur is to determine what to produce, how much to produce, how to produce, where to produce, how to sell and' so forth.