Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What are the functions of an entrepreneur?

April 26, 2017Entrepreneurshipentrepreneurship

0

GAURI SANKAR Posted

What are the functions of an entrepreneur?

1 Answer

0

GAURI SANKAR Posted

The following are certain functions of an entrepreneur:

· An entrepreneur is expected to perform a lot of functions namely; management of workforce; supervising the functions of workers and employees; finance management; marketing management; delivery of goods and services and realization of money from the clients etc.

· The following are some of the functions of an entrepreneur which includes managerial functions also:

01. Perceiving market opportunities

02. Gaining command over scarce resources

03. Purchasing the inputs

04. Marketing of the products and responding to competition

05. Dealing with the public bureaucracy (Concessions, licences and taxes)

06. Managing human relations with the area

07. Managing customer and supplier relations

08. Managing the finance portfolio

09. Managing the production (Control by written records, supervision, coordinating input flows with orders, maintenance etc.,)

10. Acquiring and overseeing assembly of the factory

11. Industrial engineering(minimizing inputs with a given production process)

12. Upgrading process and product quality and

13. Introducing new production techniques and products