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Functions of Entrepreneur- A Simple Guide

The functions of the entrepreneur are a set of activities, talents, and abilities which are used by the individual in the best interests of a business. This would include such things as commercial, social, and emotional competence. These are abilities that help the entrepreneur to get along well with people.

Functions of Entrepreneur

Functions of Entrepreneur

It is important to realize that the person who is going to be the entrepreneur is going to be different from the person who has been employed by the same people.

In addition, he will have the ability to change his career to find a job suited to his skills and abilities. However, the duties, responsibilities, and limitations of the entrepreneurs remain the same.

Functions of an entrepreneur should not be confused with the function of a businessman. The functions of businessman are different and should not be confused with the functions of the entrepreneur.

  • It has been found that an entrepreneur's functions are based on the principle of management. He has the ability to adapt himself to changes in business and has a sound understanding of the requirement of his work and his capabilities.
  • The functions of the entrepreneur should be mentioned first since it pertains to the work of the owner.
  • Before a person can be an entrepreneur, he has to understand what he is supposed to do and how he should fulfil these functions.
  • The entrepreneur will be in charge of all the activities which belong to the business and this will include supervising the work of employees, commercial dealings, issues relating to products and services and other managerial activities.
  • The entrepreneur will be responsible for the financial aspects of the business.
  • His role includes the management of finances, which may include things like managing budget, keeping track of expenditures, choosing credit and income sources and balance sheets.
  • In order to carry out his tasks efficiently, he must have the necessary technical knowledge and a thorough knowledge of financial matters.
  • In addition, the entrepreneur should have the ability to handle social activities.
  • He should be aware of events and be ready to take part in these events. This will help him to do his duties and meet the requirements of the owner's business.
  • The entrepreneurial activities involve activities that are related to the different areas of business.
  • These include the activities that help the entrepreneur to realize his goals and he should take care to achieve his objectives by earning a profit.
  • In order to achieve these goals, he has to engage in such activities as customer relations, advertising and promotional activities, sales and marketing activities, and product and service development activities.
  • The functions of the entrepreneur may include the commercial activities of the owner.
  • These activities may include the management of accounts, financial transactions, establishing sales, market surveys, asset management, human resources, production, and distribution of goods and services. The owner may also involve in the commercial activities of the entrepreneurs by co-operating with them to achieve their goals.
  • The entrepreneurial activities of the owners may include tasks that help the entrepreneur to manage the activities of the business. Such tasks include the management of the information system, meetings, and phone calls, scheduling, etc.
  • The owner should be able to manage these tasks effectively to make them useful to the business.
  • Another function of the owner of the business is to enhance his knowledge and skills through the course of time.
  • It is important for him to keep abreast of the market trends, industry developments, and knowledge in this regard. Since a person has to be flexible, this task may involve the use of technology.

Conclusion

The owner of the business is expected to undertake responsibilities for the company and will be required to work hard. He should not become lazy and should take pride in his work. Besides, he should be fair and humane to the employees, customers, and shareholders.

These are the functions of an entrepreneur. These can be changed to suit the business needs. A person who has the ability to do this should be considered for the entrepreneur position.

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