Which of the following is NOT a function of the entrepreneur in relation to 'Economic Development'?

Opportunity Scouting

The correct answer is Option 4: Opportunity Scouting

Opportunity Scouting is the role of an entrepreneur in relation to their enterprise and not related to 'Economic Development. Opportunity Scouting means that entrepreneurial opportunities have to be actively searched for. One may rely on personal observation, discovery or invention. Personal/professional contacts/networks and experience or may also help in identifying business opportunities. Alternatively, one may rely on published reports, surveys and the like. 

The rest given options are the functions of the entrepreneur in relation to 'Economic Development as explained below:

Contribution to GDP: Increase in the Gross Domestic Product or GDP is the most common definition of economic development. Income is generated in the process of production. So, entrepreneurs generate income via organisation of production be it agriculture, manufacturing or services. 

Increasing the Spectrum and Scope of Economic Activities: Development does not merely mean ‘more’ and ‘better’ of the existing, it also and more crucially means diversification of economic activities– across the geographic, sectoral and technological scope. Underdeveloped countries are caught in the vicious cycles on the demand as well as supply side. Entrepreneurs penetrate into and break these cycles, for example, by organising and orienting domestic production for exports. Thus, production (and thereby generation of income) is not constrained by the inadequacy of domestic demand. Entrepreneurs through their decisions to divest from the stale sectors and invest in green-field sectors bring about a virtual transformation of the economy from ‘underdeveloped’ to an ‘emerging’ and ‘developed’ status.

Fostering the Spirit of Exploration, Experimentation and Daring: Economic development, among other things, requires breaking away from the shackles of traditions and beliefs that restrict growth. For example if ‘crossing the seas’ were a taboo, there would not have been international trade and the resultant economic growth. The established ways of life need to be challenged and change must be seen as an opportunity to improve rather than something to be scared of. Entrepreneurs, through their urge to do something new, seeing change as an opportunity, experimenting with the novel ideas and showing the courage to try them prepare a fertile ground for persistent economic development.