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By taking responsibility, entrepreneurs demonstrate leadership and a strong commitment to their goals and values.
Youngest self made entrepreneur in India
Take Decisions after Thinking
An entrepreneur has the ability to make thoughtful decisions. This means that
before taking any action, an entrepreneur carefully thinks about whether the
decision will be good or bad for the business. They consider all the possible
outcomes, weigh the risks and benefits, and gather all the necessary information
to make an informed choice. This careful decision-making ensures that their
actions support the long-term success and growth of the business. By thinking
things through, they avoid rash decisions and are better prepared to handle any
challenges that may arise.
Functions of an Entrepreneur
Entrepreneurs are good at seeing opportunities in the world. They find ways to fix problems or make things that
people want. Some of the important functions of an entrepreneur are:
• Making Decisions: Entrepreneurs make their own decisions. They have to decide on many things to steer their
business in the right direction.
These decisions can be big or small and cover everything from what to sell and how much to charge, whom to
hire and how to spend money. Entrepreneurs need to be smart decision-makers to make sure their business sails
smoothly.
• Managing the Business: Managing the business well is crucial for its success and growth. This involves
overseeing day-to-day operations, handling resources like money and people, and making sure everything runs
smoothly. Entrepreneurs set goals, create plans, and organise the work to keep the business on track.
• Divide Income: Dividing income wisely is essential for the financial health and sustainability of the business.
Entrepreneurs need to figure out what to do with the money their business makes. Dividing income involves
making decisions about how to use the profits. They might reinvest some of it back into the business for things
like improvements or expansion. They also need to decide how much to save for the future and how much to
pay themselves.
• Taking Risk: It is the courage to take chances that can lead to innovation and business success. They're willing
to try new things, even if there's a chance it might not work out perfectly. Starting and running a business
always involves uncertainty, and entrepreneurs embrace that uncertainty by taking calculated risks. Whether it's
introducing a new product, entering a new market, or investing in a new technology.
• Creating a New Method, Idea or a Product: They use their creativity and vision to think differently and bring
something new to the table. Whether it's inventing a groundbreaking product, introducing an innovative service,
or finding a better way to do things.
Role of an Entrepreneur
In order to become successful, an entrepreneur needs to perform different roles. The following are the roles of an
entrepreneur:
• Innovator’s Role: An entrepreneurship is about new and creative ideas converted into a real world of business
which is beneficial both for the entrepreneur in making profits and for the customer in getting a new product in
the market. All those once was just an idea but only entrepreneurs brought those ideas to life.
106 Touchpad Artificial Intelligence (Ver. 3.0)-X

