(A) Definition : According to Webster dictionary, “An entrepreneur is a person who starts a business and is willing to risk loss in order to make money.” The entrepreneurs are passionate to innovate, lend, invent or pioneer with a disruptive product or technology. A small businessman, a plumber or a founder of huge company are entrepreneurs.
(B) Functions :
The functions of an entrepreneur are:
(1) Innovation : Usually, an entrepreneur has an innovative mind. He introduces new combination of means of production. He introduces something new or something different that would give his business a competitive advantage. Innovation sometimes involves problem solving and entrepreneur gets pleasure by using his talents to solve those problems.
(2) Determination of objectives : An entrepreneur is required to decide the aims and objectives of the business enterprise he intends to establish. He has to change those aims and ; objectives as per changing conditions or accept those which are beneficial to the enterprise as per the market situation.
(3) Development of market: An entrepreneur has to find new, different and innovative ways to market his products and services. As the markets are developing constantly, he has to conduct surveys, research to understand customer’s demand.
(4) New technology : Entrepreneur has to install new, advanced and efficient technology, new machinery, new and scientific methods of production to save overall cost and to improve the methods of production.
(5) Good relations : Prosperity, growth and development of enterprise mostly depend on the cordial and efficient relations of the superiors, subordinates and all employees. In this respect, co-ordination among the employees plays a significant role to make business enterprise successful.
(6) Organising funds : Finance is required to meet working capital and fixed capital needs of business. The entrepreneur has to raise adequate financial resources to keep enterprise in living condition. For this purpose, he has to keep good relation with the existing as well as potential investors.
(7) Taking decisions : Timely, correct and wise decisions are most important to run a successful business. An entrepreneur has to evaluate pros and cons of every business decision.
