Page 84 - IT 402 v2.0 class 10
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FUNCTIONS OF ENTREPRENEUR
n entrepreneur performs various types of functions in the society irrespective of its level like:
Create a new idea for product or service: n entrepreneur tries new innovative ideas that help to increase
income.
Research: n entrepreneur has to do a lot of exploration before starting a business. e finalises the idea
of business only after analysing the strengths weaknesses opportunities and threats for the new business
or enterprise.
Managing the business: n entrepreneur plans for the future of its business and accordingly arranges
raw material labour and instructs what to do. e keeps a track to check if the plan is followed properly.
ntrepreneurs identify the needs and accordingly make plans of execution.
Organising Resources: ccording to the need of the pro ect or the business the entrepreneurs collect
information and organise the resources which help their ideas to turn into reality.
Making decisions: n entrepreneur needs to take decisions everyday. For example deciding what to
produce how much to produce where to sell and how their products and services can reach the market
through advertisement.
Execution: fter research and organising resources entrepreneurs implement their ideas and develop
products or services keeping price people and place in mind.
Public Relations: business re uires social acceptance by public at large. ublic relation is important in
order to maintain a good market and generate a sense of faith and reliability in the business or its products.
Statutory Obligation: n entrepreneur has to understand and properly liaison with the government for
legal compliance in concern with all the stakeholders of the enterprise.
Divide Income: n entrepreneur needs to divide invested business money to many groups and spend
some part of it on buying raw materials paying rents and salaries.
IMPORTANCE OF ENTREPRENEUR
ntrepreneurship plays an influential role in many aspects. One may think that entrepreneur simply build their
own entity. ut they are doing a whole lot more for the local community state region and country.
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