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Zachary Morley SLU - What Is FUNCTIONS OF AN ENTREPRENEUR and How Does It Work?

Functions of a successful entrepreneur are;

ZachMorleySaintLouisUniversity
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Zachary Morley SLU - What Is FUNCTIONS OF AN ENTREPRENEUR and How Does It Work?

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  1. FUNCTIONS OF AN ENTREPRENEUR 1

  2. CONTENTS • Who is an entrepreneur? • The functions of an entrepreneur • Conclusion 2

  3. Who is an entrepreneur? • An entrepreneur is someone who establishes a new entity to offer a new or existing product or service into a new or existing market, whether it is for a profitable or non-profitable outcome. • An entrepreneur is one who always searches for changes responds to it and exploits it as an opportunity 3

  4. Functions of an entrepreneur • Personal initiative : An Entrepreneur who has strong personal initiative is able to act immediately on available opportunities and choose best strategy when he faces a problem. Initiative allows an Entrepreneur to be alert and proactive. 4

  5. • Persuasion; • Entrepreneur is persuasive and will be able to persuade his customers to buy his products or services. • He has to persuade many people who have an impact on his business such as staff, customers, suppliers and financial institutions. 5

  6. Identify opportunities: • grabs or seize opportunities continuously to make sure that his business sustains for a long time in the industry. • focuses, identifies and exploits business opportunities. • maximizes his thinking capacity by finding solutions to problems faced by community. • who is successful will be confident that there is a business opportunity behind every problem. 6

  7. • Feasibility study: • able to seek information, that is he has done some research to obtain information and received feedback from customers in order to provide a good product or service that can gain customers satisfaction and acceptance. 7

  8. • Planning: • for arranging business strategies to achieve business goals. • always focuses on the future and is sensitive towards any change that occur. • not be greedy or slow in reacting when an problem emerge. If he does not have expertise in making decisions, he will consider sourcing skilled expertise from outside the company. 8

  9. • Risk bearer Should necessarily act as a risk bearing agent of production since he has to handle a greater amount of uncertainties in business  Risk due to the possibility of changes in the taste of customers, change in fashion and technique of production cannot be insured • 9

  10. • Decision making • An entrepreneur has to decide the nature and type of goods to be produced, the size of the business, its location, technique of production, type of employees etc. 10

  11. Conclusion • They are doers, not thinkers • They are born, not made • They are always inventors • Ignorance are bliss • Extreme risk takers • Work hard to get noticed • Seek success but experience high failure rates 11

  12. ANY QUESTIONS? 12

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