Page 97 - AI Ver 1.0 Class 10
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Perseverant

                 An entrepreneur's perseverance will help him keep going even in his difficult
                 times. He will always look for options which will help his business survive
                 and with the time flourish. His never give up attitude helps him keep going
                 in his venture even in the times of disappointments and failures. He is able
                 to manage by doing his best and then learning from what did or didn't work.



                         Functions of an Entrepreneur


                 An entrepreneur is the master of his own plans. He has the courage to put his plans into a business with a lot of
                 challenges. To keep his business going he had to perform multiple functions, let us discuss about some of them.


                 Entrepreneurial Functions
                 An entrepreneur needs to perform the following entrepreneurial functions:
                    • Organisation Building and Management: Building an organisation and managing it efficiently whether small
                   scale or large scale is a very challenging task for an entrepreneur. He has to take care of renting or buying a
                   place, hiring employees, organizing the factors of production, sourcing finance etc. At the time of allocating
                   these resources he should be able to manage his funds in a reasonable way to down costs and losses.
                    • Risk taking: Starting your own business always involves risk at different levels. Risk taking is an important
                   function of an entrepreneur where he should be taking responsibility for each action he does and planning for
                   a loss or mishap that may occur in the future due to unforeseen situations. Some risks may not pay off, but an
                   optimistic risk-taking entrepreneur will always look at failure as an opportunity to learn and may lead to another
                   kind of opportunity and innovation.

                    • Innovation: An entrepreneur uses his knowledge, experience and gathered information to convert his dream into
                   an innovative venture. This can be creating a new product, discovering new markets or new ways of organization
                   of industry. In today’s world, a new business cannot survive and sustain unless innovation has something that
                   adds some interesting values to its products.


                 Promotional Functions

                 An entrepreneur needs to perform the following promotional functions:
                    • Idea Discovery: Discovering a new idea is the first and the important phase of the entrepreneurship process. An
                   idea should involve serving the customers in a different and better way and also help in building the economy
                   of the country. After an idea is planned and an opportunity is identified and evaluated, then the entrepreneurs
                   work around the process of feasibility of an idea into a new venture by exploiting natural resources, finding a
                   market need or calculating the profit potential. This stage is critical because it is a foundation for developing a
                   business plan.
                    • Detailed Investigation: This helps in converting an idea into a potential venture. A particular idea needs to
                   be explored in terms of sources of supply, extent of demand, present and potential competition, the amount
                   of capital necessary and its worth in a realistic market where it is expected to generate sufficient revenues and
                   profits along with customer satisfaction.

                    • Assembling the Requirements: Assembling  the basic business  requirements like land to make an office,
                   infrastructure, human resources, initial investment with financiers to support, raw materials available and market
                   for selling the product. These are some common business requirements for all kinds of startups which may have
                   add-ons if a factory set up is required. It is a very time and money consuming process. Once this function is
                   performed, the project is set to start smoothly.

                                                                                     Entrepreneurial Skills-II  95
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