Main functions of an entrepreneurs are as follow:

  1. Innovation: Innovation means doing new things or something that is already in use but in new way(s). An entrepreneur introduces new concept in any field of production or services.

Innovation may occur in the following forms:

  • Introduction of new product.
  • Improvement of an existing product.
  • Introduction of new methods of production and distribution.
  • Introduction of new form of organization of industry.
  1. Risk taking: To get profits, entrepreneurs, starts an enterprise, and guarantees the landlord for rent, employees for wages and investors for the interest of there investment. And there is every possibility of loss.
  2. Building Organisation: An entrepreneur brings various factors of production together, organize all these factors properly and performs the function of an administration. He determines path of business, expansion and growth of enterprise.

 

Peter Kilby, an economist, professor of economics at Wesleyan University identified the following functions of an entrepreneur:

  • Perceiving market opportunity.
  • Introduction of new product or production technique.
  • Manage Finance.
  • Acquiring or setup of the factory.
  • Managing the purchase of inputs.
  • Managing the production.
  • Marketing the product.
  • Upgrading process and product.
  • Managing relation with Customer and suppliers.
  • Dealing with bureaucrats.

Pankul Bindal

Pankul Bindal is Digital Marketer, Graphic Designer and Programmer. He has completed his Computer Engineering. His passion is to write blogs, Designing and Digital Marketing. He works for many Companies in his freelancing Career.

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