Question

Explain the functions of an Entrepreneur.

Hint:

Entrepreneurship, marketing, and management principles are interconnected pillars that ensure business growth and consumer satisfaction.

Answer 1

An entrepreneur is a person who establishes, organizes, and manages a business venture while taking on financial risks. The main functions include:
Innovation: An entrepreneur introduces new ideas, products, or methods to improve efficiency and meet consumer needs.
Risk-bearing: An entrepreneur takes risks associated with uncertainties of business such as changes in demand, prices, and market conditions.
Organizing Resources: The entrepreneur brings together land, labor, capital, and technology to carry out business operations.
Decision Making: Entrepreneurs make strategic decisions regarding production, marketing, and finance to ensure business success.