Functions of entrepreneur

Functions of entrepreneur

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  Presented by Aglaia Functions Of Entrepreneur
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  Functions Makes anEntrepreneur Successful ● Entrepreneurship is the pivotal factor for new initiatives that give momentum and prosperity to our civilization. ● They are those who perceive what others haven’t seen and act upon that perception. ● They performs multivariate functions in all the societies irrespective of their level of development. ● Peter Kilby, Albert Shaparo, John Burch, and others have prescribed different functions of entrepreneurship or entrepreneur from which we can derive distinct but common functions of entrepreneurship.
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  Functions of asuccessful entrepreneur ● Taking Initiative ● Organizing Resources ● Identifying Opportunities and Prospects ● Risk Taking ● Decision Making ● Technology Transfer and Adaptation ● Innovation ● Fostering Autonomy ● Social Responsibility ● Public Relations ● Experience Sharing ● Managerial Roles ● Balanced Economic Development
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  Taking Initiative ● Entrepreneurshipis a pro-active activity that takes such actions, which others can’t even perceive. ● This unique function of entrepreneurship provides our civilization with a wide variety of products, ways of actions, production techniques etc. ● Therefore, taking initiative with such end and qualification is the prime function of entrepreneurship in every economy.
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  Organizing Resources ● Organizingentails identifying those resources that are required to transform a particular idea into reality. ● The resources include human and nonhuman resources. ● Organizing in entrepreneurship will increase productivity, promote new venture, distribute and supervise work and responsibility, and will remove barriers to work. ● Entrepreneurship, thus, is the taping tool fur assuming indigenous skills and resources for the productive purpose.
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  Identifying Opportunities andProspects ● Entrepreneurship searches those activities of value that have an economic and social contribution. ● It identifies new opportunities in the socio-economic arena which have got profitable prospects therefore, entrepreneurs are called as searchers of hopes into blind spots and this function enormously indebted our society to entrepreneurship.
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  Risk Taking ● Forinnovative actions in the field of production technology for new products in a volatile market and for new raw materials used in production. ● Moreover, it also takes the risk for theft, robbery, snatching market fall and hooliganism that may be involved with new entrepreneurship.
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  Decision Making ● Entrepreneurshipis a new initiative therefore, it has to take a decision about multivariate issues that affect new ventures. ● Entrepreneurship has to decide upon equipment to be used quality, price and its variation, deficiency, capital structure, the feasibility of the project, organizational structure, philosophy of management etc. that will guide, run and prosper the new venture or distinct attempt for entrepreneurship.
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  Technology Transfer andAdaptation ● This function of entrepreneurship involves with identifying appropriate technology with market potentials and adapts it into the local environment. ● Sometimes, the technology uses indigenous materials that reduce cost and wastage of resources. ● This entrepreneurial function virtually makes the world united in terms of homogeneous technology.
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  Innovation ● Under thecontext of the hanged environment, entrepreneur locates the most feasible opportunity for the venture as well as improved or distinct technology that gives competitive advantages or a new opportunity to prosperity. ● Innovation is a creative means to add new utilities to existing situations or products. ● Entrepreneurship through innovation creates innovative products or operations for the human society.
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  Fostering Autonomy ● Entrepreneurshipis an exposure of creative faculty that provides personal satisfaction and independence. The unique freedom to think differently is the impetus for entrepreneurship. ● Thus, entrepreneurship Fosters autonomy so as to advent something new of value by the application of devoted efforts and time.
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  Social Responsibility ● Entrepreneurshipwith its innovative technology somehow promotes human efforts. ● Entrepreneurship performs social responsibility that protects the welfare, benefit and economic gain of the society. ● It also promotes the community standard by providing jobs and amenities.
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  Public Relations ● Entrepreneurshipis a new venture that requires social acceptance by the regulatory bodies and the public at large. ● History tells that many entrepreneurs were disregarded, coerced and even eliminated for their entrepreneurial activities. Failure is costly and therefore, public relation is a significant function of entrepreneurship.
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  Experience Sharing ● Entrepreneurshipmay spread in the society through publishing and sharing its success stories. ● Thus, entrepreneurship holds workshops, industrial visits through which the entrepreneurial experience in different counties may be shared in order to a widespread adaptation of success. ● This function will benefit the economies of the countries as well as the world bodies.
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  Managerial Roles ● Entrepreneursperform several managerial roles to keep their venture functioning with success. ● The entrepreneur also does the associated managerial functions such as planning, organizing, leading and controlling.
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  Balanced Economic Development ●Sustainable economic development requires a balanced development among various regions and sectors of a country. ● Every country tries to ensure such a situation that makes industrialization throughout the country “possible. ● Entrepreneurs make it possible by establishing business ventures in various parts of the country in various sectors of industry.
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