Some of the major functions of an entrepreneur are: 

(i) Identifying entrepreneurial opportunity: There are many opportunities in the world of business. These are based on human needs like food, fashion, education, etc., which are constantly changing. These opportunities are not realised by common man, but an entrepreneur senses the opportunities faster than others do. 

(ii) Turning ideas into action: An entrepreneur should be capable of turning his ideas into reality. He collects information regarding the ideas, products, practices to suit the demand in the market. Further steps are taken to achieve the goals in the light of the information collected. 

(iii) Feasibility study: The entrepreneur conducts studies to assess the market feasibility of the proposed product or services. He anticipates problems and assesses quantity, quality, cost and sources of inputs required to run the enterprise. Such a blue print of all the activities is termed as a ‘business plan’ or a ‘project report’. 

(iv) Resourcing: An entrepreneur needs various resources in terms of money, machine, material, and men to running the enterprise successfully. An essential function of an entrepreneur is to ensure the availability of all these resources. 

(v) Setting up of the Enterprise: For setting up an enterprise the entrepreneur will have to fulfil some legal formalities. He also tries to find out a suitable location, design the premises, install machinery and do many other things. 

(vi) Managing the enterprise: One of the important functions of an entrepreneur is to run the enterprise. He has to manage men, material, finance and organise production of goods and services. He has to market each product and service, after ensuring appropriate returns/ profits on the investment. Only a properly managed organisation yields desired results. 

(vii) Growth and Development: Once the enterprise achieves its desired results, the entrepreneur has to explore another higher goal for its proper growth and development. The entrepreneur is not satisfied only with achieving a set goal but constantly strives for achieving excellence.