1. The Entrepreneur takes the initiative in combining the resources of land, labor, and capital to produce a good or a service.
2. The entrepreneur makes the strategic business decisions that set the source of an enterprise
3. The Entrepreneur innovates. He or she commercializes new products, new production techniques, or even new forms of business organization
4. The entrepreneur bears risk. Innovation is risky, as nearly all new products and ideas are subject to failure or success.