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Functions of an Entrepreneur

Functions of an Entrepreneur 

Entrepreneur : Meaning

An entrepreneur is one, who creates some idea, works on it and introduces a new thing. An entrepreneur is a developer as well as inventor. The introduction of new ideas is the aim of an entrepreneur and he earns by his own, by developing his own business and introducing some new things.  An entrepreneur has responsibility to work and develop new platforms and to create new jobs. Here we are going to discuss about some functions of an entrepreneur.

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Main Functions of an Entrepreneur

The responsibility of an entrepreneur is to bring new ideas and to introduce new business strategies. Every time, when a new idea is introduced, there are several things which are benefited from this new idea and several jobs are related to this single idea. The main functions of an entrepreneur are:

  • Management functions
  • Promotional functions
  • Commercial functions

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Management Functions

  • Planning
  • Organization
  • Staffing
  • Directing
  • Controlling

Promotional Functions of an Entrepreneur

The promotional functions of an entrepreneur include the identification and preparation of a business plan. An entrepreneur is one who starts plan a most profitable project and starts it by introducing his own strategies and planning. He introduces some business ideas and gathers information from the society. While introducing the idea, he examines its reliability and peruses a business enterprise, while establishing a business and introducing an idea, the main focus, the main requirement is “funding”. Funds are the most important factor in entrepreneurship. But it depends on the business idea that how funds you require. A good entrepreneurship is one which require less funding but has unlimited profit. Entrepreneur estimates about the funds, how much he has, and how much he will borrow, and then he will estimate about the profits.

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Commercial Functions of an Entrepreneur

  • Production
  • Marketing
  • Accounting

When an entrepreneur starts an idea, he has to work for the manufacturing of the products require for his business. He also has the duty to manage accounting work. Checking the transactions, summarizing them and analyzing the results, all are the responsibilities and functions of an entrepreneur.

If you want to earn a good living but you are not finding a right job according to your skills, then utilize your skills, use your innovative brain and become an entrepreneur.

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About the author

Rafia Hasan

I am a Mphill student, basically from Biological sciences. My passion is to promote the love for knowledge and education. Content writing and essay writing is proving to be a great experience to enjoy my student life.