Who Is an Entrepreneur ?
An entrepreneur is a person who co -ordinates, controls and organizes the process of production in order to make maximum output at minimum cost thereby making profits. The Entrepreneur controls other factors of production such as land, labour and capital.
The reward for Entrepreneur is profit, that is why what Entrepreneurs think about in a business is to make more profit and earn some money in any business they start or invest in. An Entrepreneur risk his capital in any business or investment which either comes with profit or loss.
An Entrepreneur takes decisions in the course of production to bring better result for business and also organizes the whole production process in business.
Importance or Functions of an Entrepreneur
1. An entrepreneur takes decisions during production process and the business as a whole. He takes decisions on what to produce, how to produce, what to supply, price to sell and quantity of stocks to supply.
2. An entrepreneur provides capital for a business which determines the extent of the business. An entrepreneur provides capital which may be in form of physical cash, cars, site or buildings for the business, machines to work and instructions on how to operate some tools.
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4. An Entrepreneur ensures effective management of the business by combining the other factors of production to maximise more profit for the business.
5. Another function of an Entrepreneur is that he determines the price of the product and assign duties to personnel or people worker in the company.
These are the things you need to know as an entrepreneur, the qualities, the meaning, it functions and how it works. If you starting any business now, you are already an Entrepreneur and you need the following characteristics