FUNCTIONS OF ENTREPRENEURS.
An entrepreneur performs many functions but I am going to highlight some of it that is crucial to business development and growth.
SEARCH FOR AND DISCOVER NEW IDEAS:
Millions of ideas are available in the world, some are good for business while other are not.it is the number function of an entrepreneur to discover the one the good for business for proper consideration. There are several ways to discover ideas by attending conference, seminar and workshops.
TRANSFORM THE NEW IDEAS INTO NEW PRODUCTS, PROCESSES AND MARKET.
I need to this story to buttress this point, fifteen month ago I was in a hall full of vibrate youth, the instructor make announcement for sixteen youth to come to stage and further divided them into four group, that each group should come with a business idea and present to my surprise in the space of ten minute they a presents wonderful business ideas that wow me, beautiful ideas. But all those business ideas all die as still born, it never material into a giant business they should be. So entrepreneurs give birth, adopt and take ideas from birth, infant ideas to make new product and built a system around the ideas (process) and market it to the consumers.
SEARCH FOR AND DISCOVER BUSINESS OPPORTUNITIES.
Ideas are thoughts that are expressible while opportunities are physical enterprise that can generate profit for any business enterprise that decide to venture into it. Business opportunities are entirely discover by inner eye that is trained in business wise.an entrepreneur employed different tools to discover opportunities.
EVALUATE THE BUSINESS OPPORTUNITY.
Opportunities needs to be evaluate to know the certainty of profit margin the business, market survey is one the tool to employ, understand the risk involve in the business before embarking on the journey.
MOBILISE RESOURCE FOR THE BUSINESS.
Combination of many resources (human being and materials) to perform tasks in order to achieve goal in other to make profit or gain or income is the core of business. Entrepreneur brings all the resource that is needed for proper functioning of business toward a business opportunity discovered.
ENTER INTO CONTRACTUAL RELATIONSHIP.
As the say geos a tree cannot make a forest, likewise a single entity cannot make conglomerate, contract agreement ranges from media company, ICT, and other relevant company have to be sign for proper growth and developments of company.
ECOME RESPONSIBLE FOR MANAGING THE BUSINESS.
Many business owners will employ different professional to manage their business, smart entrepreneur take charge of the business and become responsible for the business. Everyday activities of the business interest the entrepreneur , the pressure , the problem, challenges and other activities is a way to develop the business in any way seem fits.
MOTIVATES EMPLOYEES.
Motivation is an important factor in running a business, the inner being needs to be motivated to carry out the physical task, a crush spirit who can help, entrepreneur motivate his/her employee to work in full capacity and generate the almost productivity. I remember a day I went to market my liquid, I left house elated full of enthusiasm to get more customer, every bod I come across that felt the joy in me talking to them about my product, it yielded a great success that day. Every staff needs motivation in one or the other, it might come from conference, seminal, workshop, salary packages and incentive, an entrepreneur most provide ones or two for the staffs.
LEADS OTHERS.
Leadership can be define as an act of helping the subordinate, followers, disciples to realize their full potentials. Entrepreneur guide the team member to actualize the company goals and objectives.
As a leader, the entrepreneur develops on his persons but he uses situations around him to improve on his ability as a leader. He trains his employees, studies them to know whom is best to develop them, and evaluates their performances.
BEARS THE RISKS.
The entrepreneur bears the risk involved in running the business from loans and credit customers. Entrepreneur is responsible for it, rising and falling of market values.