Wednesday, May 13, 2020

Modern Concept of an Entrepreneur & Function of an Entrepreneur- Best Explanation


If you’re reading this tutorial by skipping the previous tutorial then I strongly recommended to you to learn the previous tutorial, Click Here to Read the Previous tutorial.

In this previous tutorial, we had discussed the Entrepreneurship. What is Entrepreneurship? And why Entrepreneurship is Important for us? 

Now in this tutorial, I am going to describe more and more about Entrepreneurship, the Concept of Entrepreneurship and the function of Entrepreneurship. I hope you like it….Let’s start...

Modern Concept of an Entrepreneur

Simply, as we know that the time is totally changed, in the modern time peoples are advanced…they want to save his time as much as he can…

Now here an Entrepreneur is playing an important role in our society like…..

  1. First, an Entrepreneur scans the environment.
  2. An Entrepreneur evaluates business opportunities in the context of the person's capabilities, strengths, and weaknesses.
  3. An Entrepreneur is who arranges for the capital and obtains the necessary licenses required to start an enterprise.
  4. An Entrepreneur is who, who acts as a Guarantor for the financial institutions.
  5. An Entrepreneur is who, who starts and runs the unit independently.

In the above, we had discussed some useful concepts if you have any new concept related to this then mention below in your comment.

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The Function of an Entrepreneur

As I told you in the previous tutorial an Entrepreneur is generally performed many things to start and run the units independently.

  • First of all, a good Entrepreneur study all about his business, like he study the opportunities for profitable investment, he studies the market where he is going set up his plan and many things he needs to understand about his business
  • After that he started his business, he has to explore the prospects of starting such an organization.
  • After that, he has to complete all legal formalities….like business permission and such as obtaining a necessary industrial license.
  • He has to arrange initial capital, raw materials, machines, manpower, and other important things.
  • He has to make all decisions regarding his business.
  • He has to chalk out all the policies regarding the production of material, he controls the business and workers too.
  • He has to fulfill his worker's needs. 
  • A good Entrepreneur read the market and take a risk, the bear all the risks involved.
  • An Entrepreneur organizes his sales.
  • An Entrepreneur always holds his customers.
  • He has to co-ordinate different factors of production.
  • He has to always promote new inventions.

And there are many ways, where an entrepreneur plays an important role in his business. They are some measure roles which I mention above.

In the next tutorial, we will discuss about why we need Entrepreneur? And the Benefits of an Entrepreneur in our society. If you like this tutorial then share it to others.

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