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We all know what entrepreneurship is. But we might not be aware of its functions and elements. We are here discussing the elements and function of entrepreneurship in detail.
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Introduction Elements of Entrepreneurship FunctionsofAn Entrepreneur KeyRolesofan Entrepreneur Contents
Entrepreneurshipistheprocess of forming a new business through proper medium with anaspirationtogetmoreprofit and earn money. It is the processinwhichtheindividual bears all the risks, losses with anaspecttomakeprofit. INTRODUCTION
Entrepreneurship Innovation An entrepreneur is believed to be the originofinnovation. One of the main element for an entrepreneur to be successfulisinnovationandvariation. An entrepreneur focuses on creating newandvariantproductsandservices toattractconsumers. Elementsof
Entrepreneurshipcomeswiththerisk.Itisimportantforan entrepreneurtoknowhowtotakeandmanagetherisk.Also, anentrepreneurneedstoanalyzeandbepreparedtobearall therisks. Organization Entrepreneurship cannot be successful without the Organization. There must be a legal organization for your businessandanentrepreneurshouldknowhowtomanage the activities, finances, resources and employees of the organization. RiskTaking
Vision is the foremost and the most important element of entrepreneurship.Aclearvisionhelpsthebusinesstoacquire moreprofits.Anentrepreneurshouldbeclearwiththeiridea onwhichtheyarestartingthebusiness. DecisionMaking The entrepreneurship process involves taking complete decisionsforthebusinesswithaviewtoearnprofitsandbear risks. A successful entrepreneur takes all the decisions by consideringalltherisksandopportunities. ForesightorVision
Administrative/Decision-Making Functions Administrativefunctionsinvolvesallthe tasks and decisions that directly and indirectly affects the activities of the organization. Itinvolvesthethoughtof startingthebusiness, innovation and variationandtheanalysisofriskand opportunity. FUNCTIONSOFAN ENTREPRENEUR
Everybusinessinvolvessomesortofrisks.Startingabusiness initselfisriskyifyoulackspecificskillsandarenotreadyto bearalltheuncertaintieslikelytoarrivefurther.Hence,risk- bearingisthemostspecificandimportantfunctionofan entrepreneurship. DistributiveFunctions Asanentrepreneuristheineresponsibleforalltheactivities andtasks,he/sheisalsoresponsibletoallotspecifictasksto theemployeesandthedepartmentforasmoothrunningof theorganization. RiskBearingFunctions
KeyrolesofanEntrepreneur 01 InitiatingBusinessTasks 02GeneratingjobResponsibility 03 04 06 AssigningEmployeesResonsibility Recognizingbusinessopportunities 05 DiminishingBusinessRisks GeneratingandManagingWealth 07 EnhancingLivingStandards
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