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    Functions of Entrepreneur

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    Jeyarajasekar Ttr
    An entrepreneur performs four main functions: 1) Absorbing all business risks and uncertainties. 2) Formulating strategic business decisions about production, industry, and business development. 3) Executing managerial functions like planning, financing, organizing, and personnel management. 4) Adopting innovation by improving products and introducing new technologies.

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    Functions of Entrepreneur

    Uploaded by

    Jeyarajasekar Ttr
    1K views2 pages
    An entrepreneur performs four main functions: 1) Absorbing all business risks and uncertainties. 2) Formulating strategic business decisions about production, industry, and business development. 3) Executing managerial functions like planning, financing, organizing, and personnel management. 4) Adopting innovation by improving products and introducing new technologies.

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    Functions of Entrepreneur

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    An entrepreneur performs four main functions: 1) Absorbing all business risks and uncertainties. 2) Formulating strategic business decisions about production, industry, and business development. 3) Executing managerial functions like planning, financing, organizing, and personnel management. 4) Adopting innovation by improving products and introducing new technologies.

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    © All Rights Reserved
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    1K views2 pages

    Functions of Entrepreneur

    Uploaded by

    Jeyarajasekar Ttr
    An entrepreneur performs four main functions: 1) Absorbing all business risks and uncertainties. 2) Formulating strategic business decisions about production, industry, and business development. 3) Executing managerial functions like planning, financing, organizing, and personnel management. 4) Adopting innovation by improving products and introducing new technologies.

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    © All Rights Reserved
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    of 2

    Functions of an Entrepreneur

    An entrepreneur is expected to perform the following functions.

    1. Risk Absorption
    The entrepreneur assumes all possible risks of business. A business risk also involves the
    risk due to the possibility of changes in the tastes of consumers, techniques of consumers,
    techniques of production and new inventions. Such risks are not insurable. If they materialise,
    the entrepreneur has to bear the loss himself. Thus, Risk-bearing or uncertainty-bearing still
    remains the most function of an entrepreneur. An entrepreneur tries to reduce the uncertainties by
    his initiative, skill and good judgment.

    2. Formulate Strategic Business Decisions


    The entrepreneur has to decide the nature and type of goods to be produced. He enters the
    particular industry which offers from he best prospects and produces whatever commodities he
    thinks will pay him the most employs those methods of production which seem to him the most
    profitable. He effects suitable changes in the size of the business, its location techniques of
    production and does everything that is needed for the development of his business.

    3. Execute Managerial Functions


    The entrepreneur performs the managerial functions though the managerial functions are
    different from entrepreneurial functions. He formulates production plans, arranges finance,
    purchased, raw material, provides, production facilities, organises sales an assumes the task of
    personnel management. In a large establishment these management functions are delegated to the
    paid managerial personnel.

    4. Adopt Innovation Function


    An important function of an entrepreneur is Innovation. He conceives the idea for the
    improvement in the quality of production line. He considers the economic inability and
    technological feasibility in bringing about improve quality. The introduction of different kinds of
    Electronic gadgets is an example of such an innovation of new products. Innovation is an
    ongoing function rather than once for all, or possibly intermittent activity.

    Characteristics of Entrepreneur
    1. Facilitating Character
    An entrepreneur must build a
    team, keep it motivated, and provide an
    environment for individual growth and
    career development.

    2. Self-Confidence
    Entrepreneurs must have belief
    in themselves and the ability to achieve
    their goals.

    3. Work with Vision and Mission


    An entrepreneur must be
    committed to the project with a time
    horizon of five to seven years. No
    ninety-day wonders are allowed.

    4. High Degree of Endurance


    Success of an entrepreneur demands the ability to work long hours for sustained period of
    time.

    5. Trouble Shooting Nature


    An entrepreneur must have an intense desire to complete task or solve a problem.
    Creativity is an essential ingredient.

    6. Initiative and Enterprising Personality


    An entrepreneur must have initiative, accepting personal responsibility for actions, and
    above all make good use of resources.

    7. Goal Setter
    An entrepreneur must be able to set challenging but realistic goals.

    8. Calculated Risk-Taking Ability


    An entrepreneur must be a moderate risk-taker and learn from any failures.
    ___________________

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