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Home Economic Resources Entrepreneur as a Factor of Production

 

Entrepreneur as a Factor of Production:

 

Definition:

 

The entrepreneur is an organizer. He is the person who organizes production by bringing together the other three factor of production land, labor and capital.

 

Benham defines:

 

"An entrepreneur as a person who controls the policy of the firm".

 

Functions of an Entrepreneur: 

      

An entrepreneur performs the following functions:

 

(i) He conceives the idea of launching the project.                 

 

(ii) He mobilizes the resources for smooth running of the project.

 

(iii) The decision of what, where and how to produce goods are taken by the entrepreneur.

                                          

(iv) He undertakes the risks involved in production.

         

(v) He is an innovator. He innovates new techniques of production, new products and brings improvements in the quality of existing products. He is in fact the captain of the industry.  

 

(vi) In a Joint stock Organization, the entrepreneurial functions are shared between the shareholders, the directors and the top executives

Relevant Articles:

Economic Resources
Land as a Factor of Production

Labor as a Factor of Production

Entrepreneur as a Factor of Production
Division of Labor
Mobility of Labor
Capital as Factor of Production
Capital Formation

Capital Market

 

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