Functions of entrepreneurs Innovation involves imagination and creativity. A person cannot be called an entrepreneur unless’ he creates something new and something different in his venture. Innovation: entrepreneur analyze the existing condition of business’s affairs and try to reach a new level of stability by trying new and productive combinations of existing resources. They think of creative ideas and use their managerial and innovative skills to put those ideas into reality. They combine the productive factors-(land, labour, capital and enterprise), bring them together and help in the economic development of a nation.( Nation building) Schumpeter asserts that, innovation can occur in the following forms: • Introduction of new goods. • The use of new method of production. • The opening of a new market. • The conquest of a new source of supply of raw materials; and • The reorganization of any industry. Assumption of Risk: An idea that is put to reality does not always g...