Are you planning to get into entrepreneurship?
Or are you already an entrepreneur?
If you jump into entrepreneurship without knowing what all you’ll have to do after taking it up, The chances of your failure are more than you becoming successful.
Improper planning can lead you in the wrong direction too and can increase the chances of getting failure. Before entering into any entrepreneurship, you need to know some basic but indispensable functions that may prepare you for upcoming challenges in your venture.
To make your entrepreneurial journey successful here we have written down 20 functions of an entrepreneur –
20 Functions of an Entrepreneur
- Responsibility towards the society
- Develop Inventiveness
- Be organized
- Spread the learnings
- Control of situations
- Recognizing the opportunities
- Riskiness for venture
- To manage the roles
- Make public relation
- Transfer of learning
- Transfer of technology and its acclimatization
- Economical Development
- Division of incomings or earnings
- Culture of contribution
- Clarity of target
- Finding niches
- Building networks
So let’s reed them in detail now
- Responsibility towards society –
When you start a venture in order to grow self economically and livingly, he owes the responsibility to develop society as well.
Your entrepreneurship must be the solution to the society’s problem, not the reason for their problems. It must be uplifting the economic condition of society too along with the entrepreneur.
You need to make sure that your organization or venture is fulfilling the responsibility to develop the society to make it a better version.
It is helping in making a better living for people. Start the entrepreneurship that opens the doors for new opportunities for the society and for yourself too so that it aids you to maint your responsibility towards the society where you dwell-in.
2. Decisiveness – It is very much crucial to take some riskful decisions in order to grow. Everytime you can not make an accurate and correct decision which always will head you in the right direction.
You shall have to make some decisions to get the wrong or right out of it. Making decisions is important rather than making always right ones because that is practically not possible at all.
Calculate the risk factors of the decisions for entrepreneurship and work on it.Make some riskful decisions for your entrepreneurship which are much needed for the venture in order to give pace to its growth.
3. Develop Inventiveness – Sometimes a hand which doesn’t know to be an initiator becomes a very big loss for entrepreneurship.
Sometimes what your product needs is just the right initiative at the right time.The demand of the market can be supplied when you fulfill at the right time before anyone else does in the market.
You can see the instance of any industry, the initiator who brought-up the solutions of the problems of society and took initiatives, is still booming the market.
4. Experiments – it is a very much needed element in entrepreneurship. You shall have to bring new methods in order to increase earnings and growth of the product.
Experiment with the innovations.Make the products innovative but before making it so, raise the demand of such innovation in market so the experiment can have more possibilities of getting success.Ba innovative with the techniques of the production, customer services and with your product.
A customer likes to be serviced with new better things. In order to stand still in this competitive market, you shall need to experiment with everything and to bring the innovations in entrepreneurship.
5. Be organized – Keeping all the resources is very much important to run the venture smoothly. All kinds of resources that entrepreneurship requires- human and nonhuman resources are extremely important for the venture.
Availability of all needed resources at the right time avoids the obstacles of increasing the productivity of work. By being an organized entrepreneur only, you can satiate the purpose of increasing productivity at your venture.
6. Spread the learnings – When you start your entrepreneurship, you also learn by your mistakes and try to earn the experiences from those mistakes or try to learn from the other entrepreneurs’ experiences. In the same way, share your experience that you gain through your learning and mistakes so that it will help future entrepreneurs in their learning phase.
This can easily be done by workshops, seminars, industrial visits and many more things. Share and read success stories, it will guide you a lot and will work as practical guidance for future entrepreneurs. That will help to increase the economical level of nations.
7. Control of situations – A venture just does not need the resources to keep it functioning, but it needs the team or people also who can deal in tactful conditions too. A venture gets loss and profit both but utilising the profit to double the productivity and dealing with the losses, is not an easy act to perform in the venture.
It needs a calm and decisive mind which can make some decisions while keeping the emotional part aside. You shall have to develop leadership qualities, interpersonal skills , skills which can handle disturbance through various things, skills which can manage the resources, develop the skills in the employees and can think for the utmost benefit of the venture.
8. Recognizing the opportunities – A venture value the works which bring social and economical increase in entrepreneurship.
For such opportunities you shall have to become the searcher who can figure-out the usual and unavoidable necessities of the people. Such opportunities will help you to create a beneficial prospect to your venture.
9. Riskiness for venture – It is a major and indispensable function of entrepreneurship. An entrepreneur shall have to become a risk taker regarding the production, estimation of material consumption, machinery, technology and many more things in the venture. Opportunities of the organization shall work when, calculated risk of needed elements will allow it to increase the production.
To bring innovation in the production, to maximize the productivity, to increase the demand, suh risks are very important to take. Even not just to increase entrepreneurship but sometimes to bear with the losses, risk is much needed. To cover the losses through theft, robbery, hooliganism or any natural or man-made misshappening risk becomes important.
10. To manage the roles – A venture demands multiple roles of the entrepreneur. An entrepreneur holds the command of multiple functioning like, planning, damage controlling, organizing, risk taking, leading and many more. An entrepreneur plays several roles in order to run the venture with proceeding graph.
The roles are categorised into interpersonal, informational, and decisional roles. Interpersonal roles include figurehead role, leader roles, liaison roles, Informational roles include monitor roles, spokesperson role,disseminator roles where as decisional roles include disturbance handler, resource allocator, negotiate role. All roles vary on the basis of work.
11. Form public relation -Every new venture needs organized relations with the public to develop credibility in the organization.
The productivity gets increased from the venture through public so it is so necessary to form relations with the public in order to keep the venture functioning.
You need to target your public as per your demand of the venture then accordingly you can step in the path to build terms with them. This function is very crucial especially in the initial phase of any venture. Because many ventures were discarded due to not having public relations that could- help them to transform their idea into reality.
12. Transfer of learning – When you join a venture you work as a beginner and try to learn from the knowledge which has been transferred by experienced entrepreneurs.
In the same way, your knowledge will also be beneficial for future and budding entrepreneurs and employees of the organization. Your transferred knowledge will help your new employees in adapting themselves in the aura of your organization as fast as possible. Such transfer brings maximum efficiency in work.
For such transfers you need to ensure to store employee’s key knowledge to share it with new ones in future.
13. Transfer of technology and its acclimatization – The transfer of technology generally known as TOT. It disseminates the required technology to the different ventures or entrepreneurial arenas of the world from different corners of the world.
In such a way it plays a very big role in uniting the world and helps in increasing the economy of the venture which holds this technology. Its adaptation or acclimatization is equally important to function the entrepreneurial activities in correct and progressive order.
Because you can own the technology with monetary terms but can not adapt it with the same, you shall have to be used to it along with your consumers shall also need to be. It is important to impart because it lessens the processing timing and saves a lot of money which we put in human resources.
14. Economical Development – To sustain the economy in entrepreneurship is necessary to keep the work throughout and keep it functioning properly.
Every organization helps in sustaining the work and the economy to balance it. It can be made possible by spreading the venture in different corners of the country and world.
15. Division of incomings or earnings – It is a very necessary function of business to make separate division of complete income.
Every part of the production requires a particular amount of income to function properly, so deciding the part of income for production’s different elements is the work of so much accuracy and efficiency.
Even in the time of losses some functions are mandatory to run, so keeping such expenses while dividing the income is also important. This the responsibility of the employer to keep everything in mind and make the accurate divisions to not to let work get hindered through such mishappenings.
16. Acceptance – This function of entrepreneurial arena will not affect the industrialization directly in its absence but gradually the deficiency of acceptance in the team of the venture may give a discard to the venture.
The ability to accept if something is not being known by the employer or employees of the organization and learning it can only help them to keep growing for longer visions.
When the employer or employees of the venture stop accepting the fact of having aspace to learn more then the gradually the venture starts working on its edge. A venture grows when the team has the will to become the learners throughout.
17. Culture of contribution – A fist is complete with the contribution of all 5 fingers of a hand as a venture is complete with the contribution of employer and each and every employee.
When you contribute while having a zeal in the heart to contribute not to the organization, not to the employer but to the nation,but to the whole world. This must be in the culture where you work, for who you work, by forcing it,one can not keep it for a long time.
This can only be developed in each and every member of the organization by having a thought to give contribution in making a better nation and world.
18. Clarity of target – Every person comes in entrepreneurship with a purpose and it varies person to person. But sometimes some work with no purpose, and there the problem starts happening.
You will need a purpose if you want to create a successful entrepreneurial kingdom. Some have purpose to earn money, some have purpose to earn status, some have purpose to influence others. There is no judgement happening on the purposes, it is an individual’s choice.But having a purpose is necessary to keep growing further.
19. Finding niches – A good entrepreneur never misses an opportunity where a great entrepreneur turns every chance into an opportunity. You are great in your work when you are able to identify your niche where you are best in it.Knowing in all spheres is good to work but having your own niche is necessary to grow.
Once you find your niche you can be better to solve others’ problems in your niche. You will have to keep working for it. So if you already know your niche, that’s good, if not, find it and work on it.
20. Building networks – Networking building is the last step of entrepreneurship where our whole production lies-on. Your production will be able to help to maximum consumers of it when your network will be enormous.As larger the network you have, more impact your product will create. Your larger network will bring the change on a huge scale. That you can get through by developing credibility.
When one enters into the business or entrepreneurial world, due to lack of knowledge, due to less ability of pre assuming the losses and many more unpredictable factors become the reason for a great failure of the venture. Then you just need proper guidance.
Here are some main functions that everyone must know before entering into entrepreneurship in order to avoid mistakes and to run it on a better scale. I hope this will help you and make your venture a success.