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4.3 FUNCTIONS OF AN ENTREPRENEUR

The following are some of the essential functions that an entrepreneur must accomplish:

• Identifying business opportunities: The world of business presents countless opportunities, rooted in fundamental
human needs such as food, fashion, education, and more. 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. To effectively meet market demands, it is essential to gather
comprehensive information on ideas, products, and processes.
• 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 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.

4.4 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 possesses the ability and
determination to overcome any obstacles that may arise in their entrepreneurial journey. This individual consistently
finds ways to pursue their dreams and achieve their goals. Let us learn about some of the qualities that motivate an
entrepreneur.
4.4.1 Excellence as a Standard

An entrepreneur continually aims for high standards and seeks to achieve excellence by working hard and being
innovative.
4.4.2 Uniqueness

One of the most significant characteristics of an entrepreneur is the ability to be unique in everything he or she does
and how it is done.

4.4.3 Concentrate on Long-term Goals
Long-term goals are those that require an extended period to achieve. Entrepreneurs prioritize what can be accomplished
in the distant future over short-term gains. The individual will plan and work carefully to achieve long-term objectives.

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