15 Vital Functions of Entrepreneur of the 21st Century

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As we know, entrepreneurship is the root cause of new initiatives to accelerate and enrich our civilization. The functions of entrepreneurs are vast.

Entrepreneurs are understanding of others and understand what that concept does not work.

Therefore, entrepreneurs perform a variety of tasks in all societies regardless of the level of development of their society.

Functions of entrepreneur

Peter Kilby, Albert Shapiro, John Butcher, and others set out the various functions of entrepreneurship or entrepreneurship through which we can achieve the distinctive but common functions of entrepreneurs.

1. Decision Making

Decision-making is one of the crucial functions of an entrepreneur. The primary task of an entrepreneur is to set production principles. An entrepreneur has to know what to produce, how much to produce, how to produce, where to produce, how to sell, and ‘go so far.

Moreover, he will determine the scale of production and the proportion of various things he uses in terms of it. In short, he goes on to make important business decisions related to purchasing productive issues and selling finished products or services.

Entrepreneurship is a new venture, so it has to decide on the multinational issues that affect the new venture.

Entrepreneurship must be decided on the tools used for industry, value and its diversity, deficiencies, capital structure, project feasibility, organizational structure, management philosophy, etc. that will lead, drive and enrich the new venture or make unique efforts for the entrepreneur.

We know that a process of decision-making and entrepreneur n for success goes through this process.

2. Management control

Previously, the authors considered the management of one of the main functions of entrepreneurship. The management and control of the business are conducted by the entrepreneur himself. Management control is one of the crucial functions of an entrepreneur. Thus, the successor may have a high-quality management ability to select the right kind of person to work with. But, the importance of this function has diminished, because nowadays businessmen are more and more managed by money managers.

3. Income Category

The next major task of the entrepreneur is to take necessary measures for the division of gross income among the various factors of production employed by him. In spite of the loss of business, he has to pay rent, interest, wages, and other contractual income from the sale proceeds of the income.

4. Identify opportunities and possibilities

Exploring entrepreneurial values that have an economic and social contribution to activities.

It identifies new opportunities in the socio-economic sector with potential for profit, identifying entrepreneurs as the hope of blind spots, and this work has greatly lent our society to entrepreneurs.

5. Public Relations

Entrepreneurship is a new initiative that requires social recognition by regulatory bodies and the public. Public relation is one of the crucial functions of an entrepreneur.

The government, as well as individuals who will be the subject of entrepreneurship, will accept public relations and allow entrepreneurs to execute an entrepreneurial venture.

History says that many entrepreneurs were neglected, cruel, and even eliminated for their entrepreneurial activities. Failure is expensive and, therefore, public relation is an important function of entrepreneurship.

6. Sharing experience

Sharing experience is one of the important functions of an entrepreneur. Entrepreneurship can spread to society by publishing and sharing its success stories.

In this way, the entrepreneur conducts workshops and visits the industry through which the entrepreneurial experience in different counties can be shared to successfully adapt to the widespread.

This function will benefit the country’s economy as well as global companies,

7. Fostering autonomy

Entrepreneurship is an openness to creative faculty that provides personal satisfaction and independence. Individual independence is an inspiration for entrepreneurs.

Thus, entrepreneurship fosters autonomy so that the advent of something new by the use of brutal efforts and time.

8. Social responsibility

Promoting entrepreneurial people’s efforts with its innovative technology. It restarts the closed industry with innovative managerial techniques and strategies. We can inspire new entrepreneurs and attract them to join an entrepreneurial venture.

Entrepreneurship offers new products or ideas that give a dynamic and diversity to society.

Therefore, the entrepreneur performs social responsibility which protects the welfare, benefit, and economic gain of the society. It promotes community values by providing jobs and opportunities.

9. Technology transfer and adaptation

Entrepreneurs around the world bring innovative technology from many different countries to the world and make it appropriate by making adjustments needed for local conditions. Technology transfer and adaptation are one of the impactful functions of an entrepreneur.

This function of an entrepreneur is involved in identifying suitable technology with market potential and adapting it to the local environment.

Sometimes, the technology uses indigenous materials that waste resources. This entrepreneurial function effectively brings the world together in terms of a single technology.

10. Risk-taking and uncertainty-tolerance

Risk-taking is probably the most important function of an entrepreneur. Modern production is extremely risky because an entrepreneur must produce products or services to predict their future needs. Risk-taking is one of the vital functions of an entrepreneur.

The entrepreneur takes the risk of new ventures. For innovative measures in the field of manufacturing technology for new products and new raw materials used in production in a volatile market.

Moreover, it also risks theft, robbery, market degradation, and hooliganism that may be involved in new business. This is one of the major tasks of entrepreneurs: developing countries like Bangladesh.

Broadly, he has two face-to-face risks. First, there are some risks, such as the risk of fire, loss of goods in transit, etc., against which insurance can be made. This is known as a measurable and insurable risk. Second, some risks cannot be insured because their potential cannot be properly calculated. These are considered uncertainties (e.g., competitive risk, technical risk, etc.). Entrepreneurs both take this risk in production.

11. Take initiative

Entrepreneurship is an active activity that takes such actions that others may not even understand. This unique function of entrepreneurship provides our civilization with various civilizations, work methods, production strategies, etc.

Therefore, in every economy, the main task of entrepreneurship is to take initiatives such as finish and qualification.

12. Organized resources

A specific idea entails identifying the resources that are needed to transform it into reality. Resources include human and nonhuman resources.

Entrepreneurial mobilization will increase productivity, promote new initiatives, distribute and supervise work and responsibilities, and prevent work disruptions.

Entrepreneurship is, thus, a tool for the adoption of indigenous skills and resources for productive purposes.

13. Foster Innovation

Another differentiating task of entrepreneurs, as emphasized by Schumpeter, is to frequently discover – to invent new products, to invent new strategies and new markets – to improve its competitive position and increase revenue. Innovation is one of the dominating functions of an entrepreneur.

Entrepreneurship introduces new production processes or technologies, markets, new materials, management, strategies or strategies, investment opportunities, etc. that Schumpeter (1934) calls entrepreneurs as fundamental traits.

In the context of a changing environment, entrepreneurs look for the most potential opportunities for this venture and look for advanced or unique technologies that offer new advantages to competitive advantage or prosperity.

Innovation is a creative way to add new utilities to existing situations or products. Through innovation, entrepreneurship creates innovative products or activities for human society.

14. Role of the Manager

Entrepreneurs successfully perform a number of managerial roles to keep their ventures effective.

The role is an interpersonal role that consists of a painterly role, a leadership role, and a liaison role; Informative roles include recipient roles, publicity roles, and spokesperson roles; the decisional role consists of the entrepreneur role, the hassle-handler role, the asset allocation role, and the negotiation role.

Entrepreneurship also has related management functions such as planning, organizing, leading, and controlling.

15. Balanced economic development

Sustainable economic development requires balanced development in different regions and sectors of the country. Each country strives to ensure a situation that makes the industrialization of the entire country “possible.

Entrepreneurs make this possible by establishing business ventures in different parts of the country in different sectors of the industry.

Take away

The above positions indicate the highest position of entrepreneurs in an organization. This is largely true in a capitalist or even mixed economy that is based on a price-profit system. In a socialist economy, the state has become entrepreneurial; Private entrepreneurship opportunities are very limited in such an economy.

It should be noted that the importance of entrepreneurship has decreased with the growth of joint-stock businesses and state-owned enterprises. For this reason “risk is borne by the shareholders and the day-to-day control of the business is usually in the hands of salaried managers or in the hands of managing directors”.