Functions of Entrepreneurship.
We are discussing here functions of entrepreneur which they use in their entrepreneurial process. Start to grow entrepreneurship.
Entrepreneurs number of functions we are discussing here 19 Entrepreneurs function
- Planning for Business activities.
- Organisations resources.
- Entrepreneurs need to Make Decisions.
- Motivating Employees.
- Entrepreneurs are innovators.
- Risk Bearing.
- Entrepreneurs Undertake Research & Development.
- Market Development.
- Management of human resources.
- Human Relations.
- Scouting of Entrepreneurial opportunities.
- Generation of business ideas.
- Converting ideas into reality.
- Arranging resources.
- Supply of capital.
- Establishment of enterprise.
- Growth and Development.
# 1. Planning for Business activities.
- Entrepreneurs need good Planning for his/her business and entrepreneurs need to create long term and short term plans for business.
- Entrepreneur Planning to analysis of manpower.
- In planning Entrepreneur analysis of physical resources such as machines and analysis of financial resources.
- Entrepreneurs first plan of competition, government policy and customers’ preferences.
(Related Article: Entrepreneurial Process)
# 2. Organisations resources. (Functions of Entrepreneur)
- Entrepreneurs need various resources to continue maintaining their organisation and these resources are arranged through entrepreneurs Ideas.
- Financial resources increase through various sources fund and borrowed funds.
- Organise physical resources such as machines, material and various tools.
- Manage all human resources managers and non-manager that are required organization under decisions.
# 3. Entrepreneurs need to make decisions.
- Entrepreneurs need to have various good decision-making skills. When you make good decisions in an organization then you survive in the market.
- This is an important task when an entrepreneur identifies an alternative when making a decision and then chooses the best course of action to solve a particular problem.
- Entrepreneurship should follow a systematic procedure involved such as decision making, identification of problems, generating alternative solutions and analysis of alternative solutions.
# 4. Motivating employees. (Functions of Entrepreneur)
- Another one function of Entrepreneurs motivating employees, entrepreneurs need to be good motivation to the employees.
- Give a Timely payment of financial incentives such as payments and salaries and bonuses.
- And give non-financial services such as proper working conditions, welfare facilities, appreciation, delegation of authority, etc
Entrepreneurs are effectively motivators.
# 5. Entrepreneurs are innovators.
- Entrepreneurs search for a new idea for her/his business therefore most of successful entrepreneurs are innovators.
- The entrepreneur main and successful function of innovation entrepreneurs introduce a new product in the market.
- The entrepreneur installed a new technology in the market that’s why says There is a big difference between a businessman and an entrepreneur.
- Searching for new raw materials.
# 6 Entrepreneurs are risk Bearing In Business.
- Businesses need to take a lot of risk. The entrepreneur takes profits when he takes courage in his business and executes it properly. So the entrepreneur is the one taking the risk.
- Risk that we can insure, including fires, thefts, floods, earthquakes, civil riots, and such risks, does not cause much harm to the entrepreneurs.
- Risk that we can not- insure, including bad debt, loss From changes in fashion and technology.
# 7. Entrepreneurs Undertake Research & Development.
- Development and research of Production technology.
- Modified existing product and development of new products and research and development help to improve your production quality.
- Research and development Help to reduce your cost of production and improve your services.
(Related Article: How to Start Business)
# 8. Market Development. (Function of Entrepreneur)
- Entrepreneurs aim to increase the market share that’s why entrepreneurs Aiming at it.
- Entrepreneurs introduce new products in new markets.
- To Entrepreneurs introduced in the New market, the entrepreneur has to undertake marketing activities such as market research, publicity, advertising, sale promotion etc.
# 9. Management of human resources.
- The organization undertakes the better recruitment and selection process for new employment selection.
- And The organization undertakes the better Training and development process for new employment.
- Another one function of promotion and transfers of your services.
# 10. Human Relations. (Functions of Entrepreneur)
- In human relations entrepreneurs contact with investors, customers, employees.
- Business Social activity and maintaining and defending your social good activities.
# 11. Leadership (Functions of entrepreneur)
Entrepreneurs have good relationship skills and good leaders understand feeling and emotion.
# 12. Organizer. (Functions of Entrepreneur).
- Entrepreneurs have skills best organizer ability for maintaining organization.
- When entrepreneurs have good and higher levels of organizer skills to easily manage all resources.
# 13. Scouting of Entrepreneurial opportunities.
- An entrepreneur is looking for opportunities for the first time and what are the opportunities in the market.
- An entrepreneur is looking for opportunities that are beneficial to running your business.
- The entrepreneur is constantly looking for alternatives for what the customer is looking for.
# 14. Generation of business ideas.
- When entrepreneurs identify all opportunities then entrepreneurs find new ideas in the market for theses business like a what recruitment for this organisation.
# 15. Converting ideas into reality.
- When entrepreneurs generate all ideas then these ideas convert into reality.
- These ideas convert into reality and create concepts of these ideas for use in business.
# 16. Arranging resources ( functions of entrepreneur)
- When business ideas convert into reality then entrepreneurs arrange all resources such as land labour and finance.
- Arranging of raw materials, when required professional staff other resources etc.
# 17 Supply of capital. (Functions of Entrepreneur)
- Supply of Capital in this function enables entrepreneurs to find various sources of Capital.
- Supply Capital include various sources such as share capital, mortgage loan, retained profit, Debenture, project etc.
# 18 Establishment of enterprise (Functions of entrepreneur)
- All protected functions, such as ideas, were transformed into reality, and all the resources of capital and then the establishment of an entrepreneurial enterprise.
Related article :-
# 19 Growth and Development. (Functions of Entrepreneur)
- After everything is done, then growth and development will also have to improve your organisation.
- You’re increasing your customers through providing better service to your clients.
- After smoothly and smooth expand your market.
I hope that you have enjoyed this article about the entrepreneur function.