Functions of entrepreneurship

Following are the functions of entrepreneurship:
1. Generating ideas: An entrepreneur should have sharp mind for generating the new ideas and utilising them in the business. His vision memory, training, qualification, experience and supervision should be superior enough for generating good ideas. 

2. Determining Objectivies: Another function of the entrepreneur is to decide and set the objectives of the business clearly. He should also know the nature and type of business to get the knowledge about the category to which their business belongs. The category can be manufacturing concern, service oriented unit or a trading business. This knowledge will help the entrepreneur to determine the objectives of the particular type of business and will enable the entrepreneur to to function in accordance with the objectives.

3. Raising Funds: Finance and goods management are crucial as they are an integral part of any business activities. An entrepreneur should raise the funds internally and externally both. An entrepreneur should be aware of the fund raising and government sponsered sources like PMRY, SOSY, REGP etc. So, that an entrepreneur can get government help in terms of money for his business.

4. Procuring Raw-Materials: To obtain usual supply of raw materials from cheap sources is one more function of an entrepreneur. It facilitates in minimising production costs.

5. Procuring Machinery: Procurement of equipments for commencing a business is another function of an entrepreneur.
     This requires specifying the following details:
> Technology facts.
> Capacity of machines installed.
> Manufacturers and suppliers names.
> Whether machines are prepared in India or foreign.
> Machines warrantee period.
> After-sales services.

6. Performing Market Research: Market research refers to analysing a market to know consumer demand regarding the product. This is the next function of an entrepreneur while starting a new enterprise. He performs this function by generating the data about the product, which he wants to manufacture.

7. Determining to form of enterprise: To determine the form of enterprise is another function of an entrepreneur. He has to decide the form of an enterprise regarding the future, type of supply, price and quality of the product.

8. Recruiting Manpower: Recruiting manpower is another function of an entrepreneur where he should know the future manpower need in the organisation. He should put down employees selection procudure and rules regarding their training and development. He should also plan the compensation scheme for the workers upliftment and motivation.

9. Implementing Project: Implementation of project is a major function of an entrepreneur as it reflects his potential to perform any kind of job. He must decide everything regarding a project, from its planning to the completion of the project. He needs to keep time for completing the project in mind and make sure that the project time should not exceed the deadline.


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