Various literatures available on entrepreneur reveal that entrepreneur acts as a coordinator of factors of production. The primary task of entrepreneur is to act in the face of uncertainty by co-coordinating various factors of production like land, labor, capital and organization.
Classical economists were in the opinion that they are the owners of business in which they supply capital. They never make a distinction between an entrepreneur and a capitalist. Modern business organizations have experienced a State of separation of ownership and control.
Because of this reason, classical thought with regard to entrepreneur has gone a radical change. In the present days, entrepreneur is regarded as a risk taker, an organizer and as an innovator.
He is regarded as a risk bearing agent of production. Entrepreneurs are regarded as a specialized group of persons who bear uncertainty.
Sometimes he is regarded as an organizer as he combines land, labor and capital to produce certain objects. Many a times, he is regarded as an innovator by instituting new combinations of production.
Though an entrepreneur functions in different capacities, the followings are broad classification of functions of an entrepreneur.
(a) Entrepreneurial Functions
(b) Promotional Functions
(c) Managerial Functions
(d) Commercial Functions