What are the main functions of an Entrepreneur?

An Entrepreneur has to do   number of   activities right from the bearing of idea up to the organization of an enterprise.

He also has to do   functions for successful   managing of his enterprise. Entrepreneur has to identify business opportunities and  organize resources like man, money, machines, materials and approaches . The following  points are the most important activities of an Entrepreneur.

  1. Idea conception: The first and the most important activity of an Entrepreneur is idea generation.
  1. Identification of business goals.: Entrepreneur has to  mention  and lay down the business  goals. Goals  should be spelt out in clear  details.. The Entrepreneur must be   sure about the essence and type of business, i.e. whether manufacturing  approach  or service oriented   business  or a trading business so that he can deal very well  the  investment  in accordance with the goals  defined  by him.
  2. Rising of funds: All the activities of the business rely upon the finance and as a result fund rising is an essential  function of an Entrepreneur. An Entrepreneur can  increase  the fund from internal source as well as external source. He should be aware of distinct sources of funds. He should also have  total expertise  of government sponsored schemes such as PMRY, SASY, REAP etc. in which he can get government  help in the form of seed capital, fixed and working capital for his business.
  3. Acquisition of machines and materials: Another essential activity  of an Entrepreneur is to  buy raw materials and machines. Entrepreneur has to  determine  cheap and  common  sources of raw materials which will help him to decrease the cost of production and deal with  competition bravely. While procuring machineries he should  define  the technical elements  and the capacity. He should take into consideration  the assurance , after sales service abilities  etc before procuring machineries.
  4. Market survey : Market  survey  is the  organized collection of data concerning the product which the Entrepreneur wants to manufacture. Entrepreneur has to initiate market research diligently to know the details of the concerning product, i.e. the interest for the product, size of the market/customers, the supply of the product, competition, the price of the product etc.
  5. Defining form of enterprise: Entrepreneur has to define  form of enterprise according to the the nature of the product, volume of investment etc. The forms of ownership are sole proprietorship, partnership, Joint Stock 102 // Management and Entrepreneurship Company, co-operative society etc. Identification of ownership right is important on the part of the entrepreneur  to obtain legal title to assets.
  6. Recruitment of manpower: To do this activity an Entrepreneur has to do the subsequent activities. (a) Estimating man power necessity  for short term and long term. (b) Understanding the selection procedure. (c) Creating scheme of compensation. (d) Creating the service rules. (e) Creating mechanism for training and development.
  7. Execution of the project: Entrepreneur has to create schedule and action plan for the execution of the project. The project must be realized in a time bound manner. All the activities from the idea generation  to the commissioning stage are to be accomplished by him in accordance with the execution schedule to avoid cost and time overrun. He has to organize different  resources and coordinate various  functions . The execution of the project is an essential  function of the Entrepreneur. All the above activities  of the Entrepreneur can  exactly be included  into three categories of innovation, risk bearing, and coordinating  and managing functions.