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Self-Confident
An entrepreneur is a self-confident person as he believes in his own vision
and abilities. His confidence ensures that he is able to overcome his
hurdles and challenges he faces every day in his business. He believes in
his dreams which brings confidence in his nature and helps him to take
important decisions in a convenient way.
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.
Entrepreneurial Skills-II 95

