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
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