We all know what entrepreneurship is. But we might not be aware of its functions and elements. We are here discussing the elements and function of entrepreneurship in detail.

1. ENTREPRENEURSHIP:
INTRODUCTION, ELEMENTS
AND FUNCTIONS

2. Contents
Introduction
Elements of
Entrepreneurship
Functions of An
Entrepreneur
Key Roles of an
Entrepreneur

3. INTRODUCTION
Entrepreneurship is the process
of forming a new business
through proper medium with
an aspiration to get more profit
and earn money. It is the
process in which the individual
bears all the risks, losses with
an aspect to make profit.

4. Elements of
Entrepreneurship
Innovation
An entrepreneur is believed to be the
origin of innovation. One of the main
element for an entrepreneur to be
successful is innovation and variation.
An entrepreneur focuses on creating
new and variant products and services
to attract consumers.

5. Risk Taking
Entrepreneurship comes with the risk. It is important for an
entrepreneur to know how to take and manage the risk. Also,
an entrepreneur needs to analyze and be prepared to bear all
the risks.
Organization
Entrepreneurship cannot be successful without the
Organization. There must be a legal organization for your
business and an entrepreneur should know how to manage
the activities, finances, resources and employees of the
organization.

6. Foresight or Vision
Vision is the foremost and the most important element of
entrepreneurship. A clear vision helps the business to acquire
more profits. An entrepreneur should be clear with their idea
on which they are starting the business.
Decision Making
The entrepreneurship process involves taking complete
decisions for the business with a view to earn profits and bear
risks. A successful entrepreneur takes all the decisions by
considering all the risks and opportunities.

7. FUNCTIONS OF AN
ENTREPRENEUR
Administrative /Decision-Making
Functions
Administrative functions involves all the
tasks and decisions that directly and
indirectly affects the activities of the
organization. It involves the thought of
starting the business, innovation and
variation and the analysis of risk and
opportunity.

8. Risk Bearing Functions
Every business involves some sort of risks. Starting a business
in itself is risky if you lack specific skills and are not ready to
bear all the uncertainties likely to arrive further. Hence, risk-
bearing is the most specific and important function of an
entrepreneurship.
Distributive Functions
As an entrepreneur is the ine responsible for all the activities
and tasks, he/she is also responsible to allot specific tasks to
the employees and the department for a smooth running of
the organization.

9. Key roles of an Entrepreneur
01 Initiating Business Tasks
02 Generating job Responsibility
Assigning Employees Resonsibility
Recognizing business opportunities
05 Diminishing Business Risks
03
04
06 Generating and Managing Wealth
07 Enhancing Living Standards

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