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Answer» Entrepreneur: - Entrepreneur is the factor which brings together or say coordinates all other
factors of production for the production process. Without entrepreneur, economic activity is not possible. - Entrepreneur is the person who establishes the enterprise and takes the risk of coordinating economic activities.
- This factor of production i.e. the entrepreneur does not get fixed return but tries to generate income by running the economic activity successfully. He/ she may even incur a loss if the activity does not function well.
Characteristics of entrepreneur: - This factor decides the activity that will take place.
- This factor is known as the risk taking factor.
- It possesses the quality of co-ordination. In other words, ‘entrepreneurship’ is a quality.
- The remuneration of this factor is called profit.
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