FACTORS AND FUNCTIONS OF ENTREPRENEURS

Presented ByShalini Pinki Puja Renu Itishree

ENTREPRENEUR
Entrepreneur in English is a term applied to a person who is willing to launch a new venture or enterprise and accept full responsibility for the outcome. An entrepreneur tends to be a leader because they perceive opportunities available and are wellpositioned to take advantage of them. An entrepreneur may perceive that they are among the few to recognize or be able to solve a problem

ACCORDING TO MC CLELLAND Entrepreneur is someone who exercises some control over the means of production and produces more than what he can consume inorder to sell it for individual income ACCORDING TO MARK WEBER An Entrepreneur is a person who specializes in taking judgemental decision about the coordination of scarce resources.

ENTREPRENEURS MAKE THINGS HAPPEN.

They are individuals who take a concept and convert it into a reality. A product, policy or institution. Entrepreneurship occurs in all areas of life. In business, academy, government and Ngos. Entrepreneurs are everywhere. Entrepreneurship can be used for good and evil. The Godfather was an entrepreneur that misused his talent.

FACTORS AFFECTING ENTREPRENEURS

Internal factorsLow risk bearing capacity

Location disadvan tages

Lack of training

Entrepreneur oriented factor

Low motivation

Poor quality controls

Production related factorz

inadequa te inventor y

Lack of technical knowledge

High cost of inputs

Delay in loan sanction

ing capital

Product cancellati ons

Non availabili ty of credit at right time

Finance related factor

Excessive dependence of financial institution

Inadequ ate working capital

Expansi on plans

Marketing related factor

Promot ional plans

Pricing policies

External factors

Business trends Changing demand patterns Competito rs Changes in buying habits

FUNCTIONS OF ENTREPRENEURS
Scouting of entrepreneurial opportunitiesThe entrepreneurs perceive opportunities, synthesizes the available information and analyze emerging patterns that escape the attention of other people . They are people with a vision capable of persuading others such as customers, partners, employee suppliers to see the opportunity share it and support it.

Generating of business ideaThe idea should enable the entrepreneur to solve a current problem in the market . The idea should enable the use of locally available raw material for product or service The idea should ensure making products that have a demand but are not available in the market.

Turning ideas into action

1. Gathering relevant information and expertise related to the tools and techniques Acquiring necessary skills to handle the idea, product or service. Studying the socio economic environment where the idea ,product or service is marketed.

2.

3.

Arranging resourcesThe types of resources to be taken care of include-

    

Human resource Materials Money or capital Machines Technology

Establishment of enterprise-

In establishing an enterprise, the entrepreneur might have to seek government permission and clearance from various agencies formalize several ideas and put them into action.

Managing the enterprise- it involves

Performance of managerial functions would lead toi. Meeting of production schedules in time. Ensuring quality standard. Economy in the use of various resources. Control of various activities.

ii. iii.

iv.

Other Functions
Growth and development Risk taking Innovation Leading Motivation