Question

List any 5 functions of Entrepreneurs .

Answer 1

Answer:

Functions of a successful entrepreneur are;

Taking Initiative.

Organizing Resources.

Identifying Opportunities and Prospects.

Risk-Taking.

Decision Making.

Technology Transfer and Adaptation.

Innovation.

Fostering Autonomy.

Answer 2

Answer:

Decision Making:-

• The primary task of an entrepreneur is to decide the policy of production.

Management Control:-

• Management and control of the business are conducted by the entrepreneur himself.

Division of Income:

• The next major function of the entrepreneur is to make necessary arrangement for the division of total income among the different factors of production employed by him

Risk-Taking and Uncertainty-Bearing:

• Risk-taking is perhaps the most important function of an entrepreneur. Modern production is very risky as an entrepreneur is required to produce goods or services in antici­pation of their future demand.

Innovation:-

• Another distinguishing function of the entrepreneur, as emphasised by Schumpeter, is to make frequent inventions — invention of new products, new techniques and discovering new markets — to improve his competitive position, and to increase earnings.