Entrepreneurs play a crucial role in exchange relationships. According to Kilby, the functions of entrepreneurs related to exchange are as follows:
- Perceive market opportunities
- Gaining command over scarce opportunities
- Purchasing inputs
- Marketing of products and responding to competition
In addition to these functions, entrepreneurs also have other important roles related to exchange, such as securing adequate finance, developing markets for products, and maintaining good relations with public authorities and society. Entrepreneurs are also responsible for innovating new products or services and disrupting the current market. Family members may also provide financial support or capital to entrepreneurs who need financial resources for start-up activities. Overall, entrepreneurs are essential contributors to the social-economic welfare of people.
