Function of Entrepreneur

What is the function of entrepreneur?function of entrepreneur

Some people will say that successful entrepreneurs are born, not made. But some people might agree that this statement is not true, since some people agree that entrepreneurship is a talent that can be nurtured. Whatever the answers may be, it does not matter. The most important thing about entrepreneurs is they are capable of bringing a lot of benefits both to the country and the citizen. For the last few years has seen entrepreneurial behaviour becoming increasingly acceptable within business life in every corner of the world. They have many functions which they need to obligate certain functions in order to make their business smooth and successful.

An entrepreneur always plans the project. He functions as the project planner where he become the organizer to conceive the idea of launching the project and also to program the structure of the business. The entire project is planned by the entrepreneur and only the entrepreneur himself knows what he is planning for. He will start the project through different stages of planning. This organizational skills build an enterprise from scratch and nurture it and make it grows. Another important function of an entrepreneur is to run the enterprise. He will manage the employers, resources, finance, and also the organization of goods and services. Overall, he has to perform the function of planning, co-ordination and control. He will then have to market his product and service. Having a great management and leadership skill is very important, since only a well managed organization yields desired results.  With his great management skills he will be able to build a team, generate resources and also solves problems. His leadership ability will bring to a successful organization.

The entrepreneur conducts studies to assess the market feasibility of the proposed product of the services. During the process he will anticipate problems and assesses every part of the marketing steps as in quantity, quality, cost and sources of inputs required to run the enterprise. He needs to prepare such a blue print of all the activities is termed as a ‘business plan’ or a ‘project report’. Apart from that, he must make sure that he is turning the ideas into action – An entrepreneur should be capable of turning his ideas into reality. This will done by collecting information regarding the ideas, products, practices to suit the demand in the market. Further steps are taken to achieve the goals in the light of the information collected.

One of the important function entrepreneur is to run the enterprise. He has to manage men, material, finance and organize production of goods andservices. He has to market each product and service, after ensuring appropriate returns (profits) of the investment. Only a properly managed organization yields desired results. Entrepreneur function did not end here. Even after the enterprise achieves its desired results, the entrepreneur has to explore another higher goal for its proper growth and development.
The entrepreneur is not satisfied only with achieving a set goal but constantly strives for.