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.
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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.
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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
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(b) Promotional Functions
(c) Managerial Functions
(d) Commercial Functions