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Entr epr eneur s of the F ir st G ener ation
irst generation entrepreneurs are persons ho have no prior business e perience. hey can come from a variety of ages
and backgrounds. A person ho starts at the age of ithout any entrepreneurship history is also a first generation
entrepreneur, as is someone ho starts at the age of .
Functions of an Entrepreneur
he follo ing are some of the essential functions that an entrepreneur must accomplish
• Identi ying business opportunities: here are numerous opportunities in the corporate sector. hese are based
on ever changing human requirements such as food, fashion, and education. he general population is una are of
these opportunities. o ever, an entrepreneur detects opportunities faster than others. As a result, the entrepreneur
must have his or her eyes and ears open at all times. o become an entrepreneur, one must have vision, creativity,
and innovativeness.
• Putting ideas into action: Entrepreneurs must be able to put their ideas
into action. hey should be able to gather information on ideas, products,
and processes in order to meet market demands.
• easibility study: ntrepreneurs undertake feasibility studies to determine
the commercial viability of a ne product or service. hey anticipate
problems and evaluate the number, quality, pricing, and sources of inputs
needed to run the business. A 'business plan' or 'pro ect report' is a
roadmap of all actions.
• Resourcing: o establish a successful business, an entrepreneur requires a
variety of resources such as money, machinery, ra materials, and labour.
An entrepreneur's primary responsibility is to secure the timely availability
of all of these resources.
• Establishing an enterprise: In order to establish an enterprise, the entrepreneur may need to complete several
legal processes. he individual must also strive to identify an appropriate location, design the premises, install
machines, and do a variety of other tasks.
• Managing the business: One of the most crucial functions of an entrepreneur is to run the business. he individual
is responsible for managing the staff, materials, finances, and organising the production of goods and services. he
individual must promote each product and service after assuring adequate returns profits) on investment. Only a
ell managed organisation achieves the intended outcomes.
• ro th and development: Once the firm has achieved the targeted ob ectives, the entrepreneur must look for a
higher goal for its gro th and development. he individual is not satisfied ith simply completing a goal, but al ays
strives for greatness.
What Drives an Entrepreneur's Motivation?
Every human being is born with the desire to create and procreate, as well as to dream and work to realise those
desires. o ever, not every human being is capable of dealing ith failure. An entrepreneur, on the other hand, has the
ability and illingness to overcome any obstacle that stands in the ay of the person's entrepreneurial endeavours. he
individual discovers ays and means to follo one's dreams and achieve one's goals. et us learn about some of the
qualities that motivate an entrepreneur.
Ex cellence as a S tandar d
An entrepreneur consistently sets high standards and seeks to achieve e cellence by orking hard and being innovative.
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