Explain more about functional of Entrepreneurs

There has been a great deal of confusion and contradiction in literature on the functions of an entrepreneur. Classical economists considered entrepreneur as the owner of business enterprise to which he supplied capital. No distinction was made between an entrepreneur and the capitalist. But in modern approach corporate ownership is separated from control. Ownership of business lies with shareholders who bear risk but they do not exercise much control over the business activities. Control lies with a small group of insiders known as board of directors. The board of directors bears a little risk and receives a larger remuneration even when no dividend could be paid to the shareholders due to insufficiency of profits. Thus, the classical theory of enterprise fails in the modern corporate world.

Functions
1. Innovations – Entrepreneur is basically an innovator and he introduces something new in the economy.

2.Risk Taker – A Risk situation occurs when the entrepreneur is required to make a choice between two or more alternatives whose potential outcomes are not known and must be subjectivity evaluated. As a risk taker.

3. Decision maker – Entrepreneur as a decision maker and describes the following functions of an entrepreneur.

a. The determination of objectives of an enterprise and the change of those objectives as conditions required or made advantageous
b. The development of an organization including efficient relations with subordinates and all employees
c. Securing adequate financial resources, the relations with existing and potential investors

4. Organization and Management
The entrepreneur may or may not try new combinations or resources and is the final judge in the conduct of his business.
There few functions of organization and management.
a. Planning of an enterprise
b. Coordination, administration and control
c. Routine type of supervision