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Entrepreneurs of the First Generation
First generation entrepreneurs are persons who have no prior business experience. They can come from a variety of ages
and backgrounds. A person who starts at the age of 50 without any entrepreneurship history is also a first-generation
entrepreneur, as is someone who starts at the age of 17.
Functions of an Entrepreneur
The following are some of the essential functions that an entrepreneur must accomplish:
• Identifying business opportunities: There are numerous opportunities in the corporate sector. These are based
on ever-changing human requirements such as food, fashion, and education. The general population is unaware of
these opportunities. However, an entrepreneur detects opportunities faster than others. As a result, the entrepreneur
must have his or her eyes and ears open at all times. To become an entrepreneur, one must have vision, creativity,
and innovativeness.
• Putting ideas into action: Entrepreneurs must be able to put their ideas
into action. They should be able to gather information on ideas, products,
and processes in order to meet market demands.
• Feasibility study: Entrepreneurs undertake feasibility studies to determine
the commercial viability of a new product or service. They anticipate
problems and evaluate the number, quality, pricing, and sources of inputs
needed to run the business. A 'business plan' or 'project report' is a
roadmap of all actions.
• Resourcing: To establish a successful business, an entrepreneur requires a
variety of resources such as money, machinery, raw 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. The 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. The individual
is responsible for managing the staff, materials, finances, and organising the production of goods and services. The
individual must promote each product and service after assuring adequate returns (profits) on investment. Only a
well-managed organisation achieves the intended outcomes.
• Growth and development: Once the firm has achieved the targeted objectives, the entrepreneur must look for a
higher goal for its growth and development. The individual is not satisfied with simply completing a goal, but always
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. However, not every human being is capable of dealing with failure. An entrepreneur, on the other hand, has the
ability and willingness to overcome any obstacle that stands in the way of the person's entrepreneurial endeavours. The
individual discovers ways and means to follow one's dreams and achieve one's goals. Let us learn about some of the
qualities that motivate an entrepreneur.
Entrepreneurial Skills-IV 85

