Entrepreneur is the person who undertakes the responsibilities and risks of employing land, labour and capital. He decides how to use these resources in the production process.
Importance of Entrepreneurs
An entrepreneur is important for any business.
- He makes decisions
- He bears risks
- He organizes and manages the business
- He takes all the responsibilities of running the business
- He initiate in seeking new business opportunities
- He invent and commercialize new products
Functions of Entrepreneurs
- Taking initiative
- Planning and promotion of the business
- Coordinating daily works
- Raising necessary capital
- Marketing of goods
- Inventions and innovations