Functions of an entrepreneur

Entrepreneurs perform a number of functions from the stage of starting a business to its
level of success. These functions include:
1. Planning
This is the first step in setting up an enterprise. The planning process involves:
Scanning for the best suitable idea
Selection of the product line
Determining the type of business organization (individual or partnership or
corporate)
Estimation of capital resources
Selection of location/site
Studying the government policies and regulations
Studying the availability of labour force
Studying of the maret and mareting strategy to be adopted
2. Organization
!n entrepreneur co"ordinates# assembles and supervises other factors of production "
land# labour and capital during the promotion and performance stage for optimum
utilization of resources.
3. Decision-making
!s a decision maer# an entrepreneur taes various decisions regarding the follo$ing
matters:
Determining the ob%ectives of the business enterprise
&rocurement of machinery# material# men# etc
!c'uisition of efficient technology and ne$ e'uipment
Development of a maret for the product
4. Management
This involves the operations of the venture and managing of day"to"day activities. (t
involves direction of men# machine# material and other resources.
5. Innoation
This may involve:
)aunching of a ne$ product on the maret
(ntroduction of ne$ technology in production
*reation of ne$ marets
Discovery of ne$ and better sources of ra$ materials
!. "isk #earing
!n entrepreneur undertaes the responsibility for loss that may arise due to un foreseen
circumstances in the future.
$. %ncertaint& #earing
There are some riss $hich cannot be insured against and incalculable# for e+ample
uncertain trends in the maret.
'%()I*I+, OF (- +-*"+P"+-+%"
Successful businesspeople have many traits in common $ith one another. They are
confident and optimistic. They are disciplined self starters. They are open to any ne$
ideas $hich cross their path. ,ere are ten traits of the successful entrepreneur.
1. Discipline.
These individuals are focused on maing their businesses $or# and eliminate any
hindrances or distractions to their goals. They have overarching strategies and outline the
tactics to accomplish them. Successful entrepreneurs are disciplined enough to tae steps
every day to$ard the achievement of their ob%ectives.
2. /onfi.ence
The entrepreneur does not as 'uestions about $hether they can succeed or $hether they
are $orthy of success. They are confident $ith the no$ledge that they $ill mae their
businesses succeed. They e+ude that confidence in everything they do.
3. Open Min.e.
Entrepreneurs realize that every event and situation is a business opportunity. (deas are
constantly being generated about $orflo$s and efficiency# people sills and potential
ne$ businesses. They have the ability to loo at everything around them and focus it
to$ard their goals.
4. ,elf ,tarter
Entrepreneurs no$ that if something needs to be done# they should start it themselves.
They set the parameters and mae sure that pro%ects follo$ that path. They are proactive#
not $aiting for someone to give them permission.
5. /ompetitie
-any companies are formed because an entrepreneur no$s that they can do a %ob better
than another. They need to $in at the sports they play and need to $in at the businesses
that they create. !n entrepreneur $ill highlight their o$n company.s trac record of
success.
!. /reatiit&
/ne facet of creativity is being able to mae connections bet$een seemingly unrelated
events or situations. Entrepreneurs often come up $ith solutions $hich are the synthesis
of other items. They $ill repurpose products to maret them to ne$ industries.
$. Determination
Entrepreneurs are not th$arted by their defeats. They loo at defeat as an opportunity for
success. They are determined to mae all of their endeavors succeed# so $ill try and try
again until it does. Successful entrepreneurs do not believe that something cannot be
done.
0. ,trong people skills
The entrepreneur has strong communication sills to sell the product and motivate
employees. -ost successful entrepreneurs no$ ho$ to motivate their employees so the
business gro$s overall. They are very good at highlighting the benefits of any situation
and coaching others to their success.
1. ,trong 2ork et3ic
The successful entrepreneur $ill often be the first person to arrive at the office and the
last one to leave. They $ill come in on their days off to mae sure that an outcome meets
their e+pectations. Their mind is constantly on their $or# $hether they are in or out of
the $orplace.
14. Passion
&assion is the most important trait of the successful entrepreneur. They genuinely love
their $or. They are $illing to put in those e+tra hours to mae the business succeed
because there is a %oy their business gives $hich goes beyond the money. The successful
entrepreneur $ill al$ays be reading and researching $ays to mae the business better.
Successful entrepreneurs $ant to see $hat the vie$ is lie at the top of the business
mountain. /nce they see it# they $ant to go further. They no$ ho$ to tal to their
employees# and their businesses soar as a result.