Question

Give any four functions of an entrepreneur.

Hint:

Remember: Entrepreneurs innovate, take risks, plan, mobilize resources, make decisions, and manage.

Answer 1

An entrepreneur is an individual who initiates, organizes, and manages a business venture, taking on financial risks in order to make profits. The key functions of an entrepreneur include:

Innovation: Introducing new ideas, products, or processes to improve business efficiency and competitiveness.
Risk-taking: Assuming the financial and market risks involved in starting and running a business.
Planning: Developing detailed business plans and strategies for production, marketing, and finance.
Resource Mobilization: Procuring and organizing the necessary resources such as capital, labor, and raw materials.
Decision Making: Making critical decisions related to business operations and problem-solving.
Management: Supervising and coordinating the activities of the business for smooth functioning.