Entrepreneurship Development and Communication Skills (1+1)

4.1.6 Role and Functions of an Entrepreneur

The various roles performed by an entrepreneur are as under:

1. Innovation . An entrepreneur is basically an innovator who tries to develop new technology, products and markets. It may involve introduction of new techniques, introduction of new goods and services, developing a new market, etc.

2. Bearer of Risks and Uncertainty . An entrepreneur assumes business risks and is prepared for the losses that may arise because of unforeseen contingencies in future.

3. Promoter. They conceive the business idea, conduct feasibility studies, take steps to get the company registered and raise capital for the company from the public and other sources.

4. Supplier of Capital . Entrepreneurs supply initial capital to the business and undertake business risks. Technocrat entrepreneurs approach financial institutions to raise ‘risk capital’ for their ventures or enter into partnership with those who can contribute capital to the business.

5. Management . As a manager, the entrepreneur plans, organizes, directs and controls the activities of the business. He leads the workers, coordinates their operations and motivates them for higher productivity.