Promotional functions of entrepreneur
(i) Discovery of ldlea : The first and foremost function of cntrepreneur is idea gencration. Ideas can be generated through several ways like own experience and exposure of entreprencur, keen observation of environment, education, training, market survey, environmental scanning and so on.
(ii) Detailed Investigation: Entrepreneur has to analyse in detail the product proposes to produce. 
(iv) Choice of form of enterprise: Entrepreneur has to choose the appropriate form of organisation suited to implement the venture. There are various forms of organisation namely sole proprietor, partnership, company and cO-operatives etc.
(iv) Preparation of Business Plan: Entrepreneur has to prepare a business plan or project report of the venture that he is proposing to take up.
(v) Mobilisation of Funds: Entrepreneur has to take steps to mobilize capital needed to implement the venture.Entrepreneur has to estimate the fixed capital and working capital required for running the project.

The commercial functions of entrepreneurs are :
(i) Production or Manufacturing
(ii) Marketing
(iii) Accounting
(iv) Finance
(v) Human Resource Management
(i) Production or Manufacturing: Under production function, entrepreneur has to take decision relating to selection of factory site, design and layout, type of products to be manufactured, research and development, product design etc.
Marketing : Entrepreneur has to carry out following functions pertaining to marketing aspect namely consumer research, product planning and development, standardisation, packaging, pricing, warehousing, distribution, promotion etc.
(ii) Accounting :Entrepreneur has to arrange (v) to prepare trading and profit and loss account in order to know the profit or loss incurred out of operation of the business and prepare balance sheet to know the financial status of business at a particular day.
(iv) Finance : In the sphere of financial function, an entrepreneur has to take decisions like choosing the right type of financing,framing thebest dividend policy, acquiring of funds, efficiently managing fixed and current assets, maximising shareholders wealth and investing offunds efficiently and effectively.
Human Resource Management: Entrepreneur has to estimate the manpower needs of the enterprise and accordingly decide the size of manpower required for various slots oforganisational structure.After determining the required man power the entrepreneur has to organise the performance of following functions pertaining to human resources namely arranging for. recruitment, selecting manpower, induction and training, determining compensation structure and inentives, designing motivation programmes, structuring well being measures for employees, putting in place safety mechanism at work place, performance evaluation and career advancement and structuring social security programmers.

According to J.A. Schumpeter Joseph A. Schumpeter, "Entrepreneurship is essentially a creative activity. It consists of doing such things as are generally not done in ordinary course of business. An entrepreneur is one who innovates, i.e. carries out new combination or enterprise''.