- September 14, 2021
- Posted by: Roshan
- Categories: All Blogs, Marketing
Entrepreneurship is the ability to develop, operate, manage a business to make a profit. In simple words, it’s a willingness to start a business venture.
What is an Entrepreneur?
An entrepreneur is an individual who can start a new business venture and is ready to face different risks to make a profit from the business.
Functions of Entrepreneur
Starting a business is not an easy task because it has many risks that an entrepreneur has to face. There are some functions given below that an entrepreneur must have.
An entrepreneur must be innovative because Entrepreneurship involves innovation of a new product, new production or process, investment opportunity, management, and new technique. Entrepreneurs make the most feasible opportunity for the business and improve the pre-existing technology or invent new technology that gives a competitive advantage or a unique business opportunity. Every successful entrepreneurship needs an idea. It does not matter the idea is a pre-existing idea or a new idea. If an entrepreneur is innovative, he can see things in different ways and generate an idea that other people can not do.
An entrepreneur is visionary and does a lot of pre-work before taking the initiative of business. In simple words, to finalize the idea or concept of a business, an entrepreneur considers many different ideas, analyzes their merits and demerits by applying various analytical techniques, testing their applicability, and then choosing the final concept.
an entrepreneur must be an initiator because entrepreneurship can start a new business venture that initiates such actions that other people can not understand. The primary function of Entrepreneurship provides a variety of products, production techniques, and ways of action to the society
4. Organizing resources
An entrepreneur has an idea, and to implement the picture, he needs to organize different resources. These resources include human resources as well as non-human resources such as land, money, and machines. The resources are various in other businesses.
For Example, suppose you want to start a production company of fast-moving goods. In that case, you need skilled workers, land (where an accessible transport facility is available), money, production license, and machines as a resource.
5. Identifying Opportunities and prospects
An entrepreneur must be able to identify opportunities and prospects. Entrepreneurship finds out the activities that have some economic value in society. Entrepreneurs can identify new opportunities in a community that has some good possibilities.
6. Risk Taker
An entrepreneur must be a risk-taker because An entrepreneur needs to take risks to start something new. Risk-taking is one of the main functions of an entrepreneur. This function makes an entrepreneur strong and helps make recent decisions like using new marketing strategies, new production technology, unique ingredients s, etc.
7. Adaptation and technology transfer
As we know, different techniques of product bring on invented all over the world. Entrepreneurs find out these inventions and check their applicability for their local market. If they find the relevance, then adopt the technology with the help of technology transfer, And then introduced them in the local market with required adjustments.
8. Decision Making
as we know, entrepreneurship is the ability to start a new business. And creating a new business has different issues that affect the industry. Decision-making is an ability that an entrepreneur must have because, as an entrepreneur, you have to make decisions like product or service quality, price, variation, capital structure, organizational structure, and management to grow your business.
9. Fostering Autonomy
Entrepreneurship is an exposure of creativity that provides personal satisfaction and independence to an individual. Thus, entrepreneurship Fosters Autonomy to invent something new by investing a lot of time and effort that have some applications.
10. Social Responsibility
Entrepreneurs play an important role in society. They establish entrepreneurship which helps a community in different ways. Entrepreneurship improves an organization’s living standards, motivates the youth to do something new, and provides jobs to youth. Entrepreneurship gives other product and idea which creates diversity in lifestyle.
11. Public Relations
as we know, entrepreneurship is the ability to start a new business. To create and establish a new business venture, an entrepreneur must be good in public relations, which helps set up a good relationship with the regulatory body and the public. If an entrepreneur is good in public relations, he will easily convince the government or any individual ( subjected to entrepreneurship authority) to execute your idea.
12. Development of Management Skills
An entrepreneur must have development and management skills. As an entrepreneurship, you establish a business. However, you still need a good management skill that helps manage different roles such as leadership role, spoke person role, decisional role, disturbance handler, negotiator role, and resource organizer role to do a profitable business.
12. Balanced Economic development
Entrepreneurship refers to starting a new business to make a profit. Entrepreneurs make sustainable economic development possible by developing various business ventures in different parts of the country in other industry sectors.
13. Overcoming Resistance to Change
Generally, innovations are opposed by society because new inventions change their current lifestyle. An entrepreneur first tries their idea at their level, after successfully implementing the opinion that an entrepreneur offers views to other people to accept their concept by society.
Types of entrepreneurs
According to the level of willingness to innovations, there are different types of entrepreneurs, given below.
1. Innovative Entrepreneur
these types of entrepreneurs can think something new and invent something new . these entrepreneurs is business leaders and plays a significant role in the development of the country economy
For Example, Elon Musk establishes SpaceX or tesla, like a company. Steve Jobs is the founder and CEO of apple.
2. Imitating Entrpreneurs
The entrepreneurs that follow the path shown by Innovative entrepreneurs are known as Imitating Entrepreneurs.
For Example, develop a shopping complex.
3. Fabian entrepreneurs
Fabian means in the dictionary is “a person seeking victory by delay rather than by a decisive battle.”The entrepreneurs who do not show initiative implement new ideas and innovations and wait for some development to motivate them.
4. Social entrepreneurs
Social entrepreneurs drive social innovations and change various fields, including education, health, animal rights, human rights, and save the environment.
What is an Entrepreneurship? , What is an Entrepreneur? , Functions of Entrepreneur and types of Entrepreneur.