2. Functions of an Entrepreneur
1. Planning at every level including initiating the processes,
anticipating the risks and identifying resources.
2. Managing team functions, interactions with external entities like
vendors and organising promotional activities.
3. Recruitments and team building
4. Giving directions and guidance where ever needed
5. Controlling the proceedings to improvise strategy.
3. Sales and Promotion:
Addressing the customer segment and promoting the innovative
product, devising promotional strategy and activities are one of
the prime concerns of an entrepreneur.
Finance and Commerce:
Identifying sources of funding, getting prospective investors
Commercial functions like looking into production and
manufacturing process or the processes related to service delivery.
4. Role and significance of an Entrepreneur
Mobilization of public wealth: Entrepreneurs can invest their own
resources and arrange for capital and investments.
The source of funding may be investors, lenders and the public.
Creation of employment opportunities: Entrepreneurs are job creators
rather being job seekers.
Contribution in economical growth: India’s MSME sector, accounts for
over 35% of the country’s GDP by making use of resources like land, labor,
and capital that add to the national income, national product and per
capita of life of their employees, customers and other stakeholders,
5. Contribution to Industrial Development: Entrepreneurs setting up new
businesses and industrial units help with regional development by
locating in less developed and backward areas.
Enhancing living standard of people
Entrepreneurs create jobs:
Entrepreneurs create change: They give ideas to transform the world
around us, come up with revolutionary ideas which triggers remarkable
positive changes in the society and in lives of people.
Entrepreneurs give to change:
6. Myths related to Entrepreneurship
Myth: Entrepreneurship is easy to do
Myth: You have more freedom in entrepreneurship
Myth: You need to create an entirely new product or service to sell.
Myth: Lot of funding is required to start the business.
Myth: It is difficult to get loans for a start-up from banks.
Myth: Success is quick if we start small.
7. Entrepreneurship as a Career option
Learning Entrepreneurship- Universities and private management
institutes provide a range of diploma, certificate, professional,
undergraduate, post graduate and management courses to choose from.
Becoming a Franchisee-As a franchisee you get a ready setup with
facilities like training, sales support, branding and guidance with flexible
Buying a Business- An existing business can be bought which has growth
potential in future and then innovations can be added to it to give it a new