Explain any six functions of an entrepreneur.

The functions are:

• Sensing an entrepreneurial opportunity: The entrepreneur senses the opportunity faster than others do. He has to keep his eyes and ears open and require imagination and creativity.
• Converting ideas into reality: An entrepreneur collects information regarding the ideas, products, practices to suit the demand in the market.
• Resourcing: An entrepreneur needs various resources in terms of money, machine, material and men to run the enterprise successfully.
• Developing the business plan: A comprehensive and concise business plan is required to understand the sensitivities of time, place and needs.
• Establishing an enterprise: For setting up an enterprise, the entrepreneur may need to fulfill some legal formalities. He has to find out a suitable location, design of the premises and installation of machinery.
• Managing the enterprise: An entrepreneur ensures production, manages finances, quality and supply of goods and services.