(i) Introduces a brand new product in the market
(ii) Institutes new technology to produce a product
(iii) Discovers new course of supply of raw materials
(iv) Discovers new product hitherto untapped
(v) puts in place a new form of organisation by establishing a monopoly or by dismantling existing monopoly.

(i) The entrepreneur to be a person who assumes risk inherent in the venture started by him.
(ii) Entrepreneur acts as an agent combining all factors of production to produce a product or service in order to sell at uncertain price in future.

1. Innovation
2. Contribution to Gross Domestic Product (GDP)
3. Balanced Regional Development
4. Export Promotion
5. Full utilisation of Latent Resource
6. Reduction of Concentration of Economic Power in Few hands
7. Better Standard of Living.

A consortium of Women Entrepreneur of India (CWEI) are rendering the following functions:
(i) They are acting as a springboard for enterprises started by the women.
(ii) It is helping women achieve high economic empowerment.
(iii) It is acting as a catalyst to improve the access of womenfolk to natural resources.
(iv) It is providing technological support in the sphere of product design and development in the case of women-owned enterprises.
(v) It is providing quality control, marketing and technological supports to women-owned enterprises.
(vi) It is spreading knowledge to women entrepreneurs about various government schemes.

i) Production or Manufacturing : The efficient and effective performance of production function depends on the proper production planning and control to a major extent.
ii) Marketing : The term marketing mix denotes the combination of four components namely product, price, promotion and physical distribution.
iii) Accounting : Entrepreneur has to arrange to prepare trading and profit and loss account in order to know the financial position.
iv) Finance : An entrepreneur has to take decisions like choosing the right type financing framing the best dividend policy, acquiring of funds, efficiently. Managing fixed and current assets.
v) Human Resource Management : Entrepreneur has to estimate the manpower needs of the enterprise and accordingly decide the size of manpower required for various slots of organisational structure.