Factors of production viz. land, labour, and capital are scattered at different places. These cannot produce economic goods and services by themselves. They have to be brought together and, in a coordinated way, made to pass through a productive process to create output. This work is done by enterprise through entrepreneur. Entrepreneur is an independent factor of production. It is a function of an entrepreneur to bring the required factors together and making them work harmoniously.

The four qualities in an individual to be a successful entrepreneur are: 

1. Entrepreneur should be able to plan, organize, manage and allocate other primary factors of production efficiently. 

2. Entrepreneur should be able to take decisions promptly. Quick decisions are expected but hasty decisions may be avoided. At the same time, delay in decisions may increase cost of project and reduce the profits. 

3. Entrepreneur should be able to incorporate innovation and adopt modem techniques of production. 

4. Entrepreneur should be able to deal with numerous risks involved in entrepreneurship.