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Take Responsibility
This means that an entrepreneur owns their decisions and actions, whether
they lead to success or failure. They don't blame others when things go
wrong but instead look for ways to fix the problems and learn from their
mistakes. Taking responsibility also involves being accountable to their
team, customers, and stakeholders. It shows that they are reliable and
trustworthy, which helps build a positive reputation for their business. 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.
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