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The document outlines the key steps and functions an entrepreneur must perform when starting a new business venture. It discusses idea generation, determining objectives, raising funds, procuring raw materials and machinery, conducting market research, determining the business form, recruiting employees, and implementing the business project. The main functions of an entrepreneur include innovating, bearing risks, and organizing and managing all the resources and processes required to get the new business up and running successfully.
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Session 7
The document outlines the 5 key steps in the entrepreneurial process:
1) Discovery - identifying business opportunities and evaluating their potential through market research and assessing personal skills.
2) Developing a business plan - creating a comprehensive plan that describes the business, products/services, goals, and financial needs.
3) Resourcing - identifying sources of financing and hiring personnel to carry out business activities.
4) Managing the company - initiating business operations and establishing a management structure to achieve goals.
5) Harvesting - deciding on future prospects by comparing actual vs planned growth and determining if the business should stabilize or expand.
Objectives of business
The document outlines several key objectives of business activities:
1. The primary objective is to earn a profit, as profit is essential for the survival and growth of a business.
2. Businesses must also consider their social responsibilities and fulfill the expectations of society to sustain themselves in the long run.
3. Additional objectives include establishing a strong market standing through innovation, improving productivity, acquiring necessary physical and financial resources, developing manager and worker performance, and fulfilling social responsibilities.
Functions of a business
The document provides descriptions of the roles and responsibilities of various business departments, including sales, purchasing, manufacturing, administration, customer service, logistics, finance, human resources, IT support, marketing, research and development, and legal.
The sales department is responsible for selling products and services, taking orders, negotiating prices, and keeping customers informed of new offerings. The purchasing department finds suppliers and ensures the business has what it needs to operate. The manufacturing department physically makes products. Administration keeps the business organized while customer service handles customer issues and feedback. Logistics oversees operations and ensures efficiency. Finance manages money, taxes, and financial reporting. Human resources handles personnel. IT support maintains technology. Marketing communicates with customers. Research
Business Plan
The business plan is a document that helps small business owners determine the resources needed to achieve objectives and provides a standard to evaluate results. It serves as a management guide and is required to secure lenders and investors. The business plan includes an executive summary, description of the business and products/services, market strategies, operations and management overview, and financial projections like income statements, balance sheets, and cash flow statements. Supporting documents like resumes and contracts are also typically included.
Lesson 4 Detailed outline of a business plan
The document outlines the key sections that should be included in a business plan, including an executive summary, environmental and industry analysis, description of the venture, production plan, operations plan, marketing plan, organizational plan, assessment of risks, and financial plan. It provides details on the types of information that should be included in each section to fully describe the business concept and model, operations, risks, and financial projections. The executive summary should capture the business concept, uniqueness, founding team, and revenue model in 2-3 pages. The financial plan determines the capital needs and economic feasibility of the venture. An appendix can include any backup materials referenced in the plan.
Managerial Functions of An Entrepreneur
The document discusses the four main managerial functions of an entrepreneur: planning, organizing, leading, and controlling. Planning involves setting objectives and determining how to achieve them. Organizing is delegating tasks and allocating resources. Leading is motivating employees to achieve the objectives. Controlling establishes mechanisms to monitor progress towards goals. Entrepreneurs also take on entrepreneurial functions like risk-bearing, managerial functions of management, promotional functions of identifying business ideas, and commercial functions of production.
Functional areas of a business 2
The document outlines five main functional areas in business: finance, research and development, human resources, marketing, and production. It explains that companies organize into functional areas or departments to divide responsibilities and facilitate cooperation between areas. Specifically, it provides details on the typical responsibilities of the finance, human resources, marketing, production, and research and development functions.
Fp601 chapter 5 - part 2
An introduction to business plans outlines the purpose and components of an effective business plan. A business plan serves as a blueprint that predicts viability and forecasts success for a proposed business project. It conveys an entrepreneur's vision to potential investors. There are typically three primary parts to a business plan - the business concept, marketplace section, and financial section. The business concept discusses the industry, business structure, products/services. The marketplace section describes potential customers and competition. The financial section contains income/cash flow statements and balance sheets. A good business plan follows guidelines and breaks into seven key components such as executive summary, business description, and financial factors.
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The document outlines the 5 key steps in the entrepreneurial process:
1) Discovery - identifying business opportunities and evaluating their potential through market research and assessing personal skills.
2) Developing a business plan - creating a comprehensive plan that describes the business, products/services, goals, and financial needs.
3) Resourcing - identifying sources of financing and hiring personnel to carry out business activities.
4) Managing the company - initiating business operations and establishing a management structure to achieve goals.
5) Harvesting - deciding on future prospects by comparing actual vs planned growth and determining if the business should stabilize or expand.
Objectives of business
The document outlines several key objectives of business activities:
1. The primary objective is to earn a profit, as profit is essential for the survival and growth of a business.
2. Businesses must also consider their social responsibilities and fulfill the expectations of society to sustain themselves in the long run.
3. Additional objectives include establishing a strong market standing through innovation, improving productivity, acquiring necessary physical and financial resources, developing manager and worker performance, and fulfilling social responsibilities.
Functions of a business
The document provides descriptions of the roles and responsibilities of various business departments, including sales, purchasing, manufacturing, administration, customer service, logistics, finance, human resources, IT support, marketing, research and development, and legal.
The sales department is responsible for selling products and services, taking orders, negotiating prices, and keeping customers informed of new offerings. The purchasing department finds suppliers and ensures the business has what it needs to operate. The manufacturing department physically makes products. Administration keeps the business organized while customer service handles customer issues and feedback. Logistics oversees operations and ensures efficiency. Finance manages money, taxes, and financial reporting. Human resources handles personnel. IT support maintains technology. Marketing communicates with customers. Research
Business Plan
The business plan is a document that helps small business owners determine the resources needed to achieve objectives and provides a standard to evaluate results. It serves as a management guide and is required to secure lenders and investors. The business plan includes an executive summary, description of the business and products/services, market strategies, operations and management overview, and financial projections like income statements, balance sheets, and cash flow statements. Supporting documents like resumes and contracts are also typically included.
Lesson 4 Detailed outline of a business plan
The document outlines the key sections that should be included in a business plan, including an executive summary, environmental and industry analysis, description of the venture, production plan, operations plan, marketing plan, organizational plan, assessment of risks, and financial plan. It provides details on the types of information that should be included in each section to fully describe the business concept and model, operations, risks, and financial projections. The executive summary should capture the business concept, uniqueness, founding team, and revenue model in 2-3 pages. The financial plan determines the capital needs and economic feasibility of the venture. An appendix can include any backup materials referenced in the plan.
Managerial Functions of An Entrepreneur
The document discusses the four main managerial functions of an entrepreneur: planning, organizing, leading, and controlling. Planning involves setting objectives and determining how to achieve them. Organizing is delegating tasks and allocating resources. Leading is motivating employees to achieve the objectives. Controlling establishes mechanisms to monitor progress towards goals. Entrepreneurs also take on entrepreneurial functions like risk-bearing, managerial functions of management, promotional functions of identifying business ideas, and commercial functions of production.
Functional areas of a business 2
The document outlines five main functional areas in business: finance, research and development, human resources, marketing, and production. It explains that companies organize into functional areas or departments to divide responsibilities and facilitate cooperation between areas. Specifically, it provides details on the typical responsibilities of the finance, human resources, marketing, production, and research and development functions.
Fp601 chapter 5 - part 2
An introduction to business plans outlines the purpose and components of an effective business plan. A business plan serves as a blueprint that predicts viability and forecasts success for a proposed business project. It conveys an entrepreneur's vision to potential investors. There are typically three primary parts to a business plan - the business concept, marketplace section, and financial section. The business concept discusses the industry, business structure, products/services. The marketplace section describes potential customers and competition. The financial section contains income/cash flow statements and balance sheets. A good business plan follows guidelines and breaks into seven key components such as executive summary, business description, and financial factors.
The organizational structure
The organizational structure outlines key roles including the president, vice president, secretary, human resources, accounting, marketing manager, and cashier. The president oversees company operations, represents the company, and chairs board meetings. The vice president assists the president and can assume the presidency if needed. The secretary manages files, communications, and administrative tasks. Human resources handles staffing, benefits, training, and communications. Accounting ensures accurate financial reporting. Marketing focuses on customers, research, branding, and sales. The manager oversees production, marketing, finance, and human resources. The cashier manages cash operations.
Be an Enterpreneur
The document provides information on preparing a business plan, including defining a business plan, objectives of a business plan, and the steps involved in preparing one. The key steps include preliminary investigation of the business idea, environmental scanning, feasibility analysis, drawing functional plans for marketing, production, organization, and finance, and preparing a project report. Functional plans provide direction to the company's vision, mission, and objectives. Marketing research is also an important part of understanding customer needs and demand.
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Business management is complex and requires successfully managing multiple functional areas. There are several key functional areas that must be effectively managed for a business to achieve its goals. These include finance, human resources, administration, production/services, marketing, sales, customer service, and research and development. Each functional area plays an important role like finance which deals with spending and receipts, human resources which deals with employees, and production which focuses on transforming raw materials into finished goods for manufacturing businesses.
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The document outlines the key steps involved in setting up an enterprise:
1) Selecting a viable project by choosing a product/service and determining production process, location, and partners;
2) Selecting appropriate technology and machinery for manufacturing;
3) Arranging necessary financing from banks, funding agencies, or other sources;
4) Obtaining required approvals, clearances, and quality certifications from regulatory bodies.
The entrepreneur must develop a business plan, identify resources, and implement and manage the enterprise operations. Setting up a new business involves studying opportunities, planning, securing resources, and fulfilling legal requirements.
Starting an-enterprise
Starting an enterprise involves 18 key steps: (1) deciding to become an entrepreneur, (2) choosing a business idea, (3) determining the size of the project, (4) selecting a location, (5) preparing a project report analyzing technical and financial feasibility, (6) arranging long-term financing for fixed assets and working capital, (7) obtaining necessary licenses and permits, (8) acquiring facilities and equipment, (9) ensuring a steady supply of raw materials, (10) hiring needed personnel, (11) synchronizing all aspects to start production on time, (12) obtaining utility connections like power, and (13) carefully planning marketing and distribution channels. Careful consideration of each step is needed
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The document discusses entrepreneurs and entrepreneurship. It defines an entrepreneur as someone who takes risks to start a new business in order to make a profit by identifying opportunities and assembling resources. The key functions of an entrepreneur are risk assumption, decision making, management, and innovation. Entrepreneurs can be classified by type of business, gender, area of operation, and risk tolerance, such as innovative entrepreneurs who create new ideas versus imitative entrepreneurs who adopt existing successful innovations. [END SUMMARY]
Functional areas of a business
The document discusses several key functional areas of a business including finance, marketing, HR, production, and communication. It provides details on each function such as the key aspects involved in marketing like identifying customer needs, developing products/services, pricing, promotion etc. It also discusses concepts in production/operations around inventory management, quality management, and total quality management. For HR, it covers areas such as recruitment, training, performance management. It emphasizes that while businesses have distinct functions, there is overlap between them and communication is important. Functions need to work collectively and be aligned to achieve business goals.
Business function
This document discusses the various business functions within an organization. It defines a business function as an action that produces a result to help achieve the organization's overall purpose. The document then categorizes functions as either internal functions like research and development, production, sales, and supporting functions like computing and human resources. It also discusses external functions such as those provided by chartered accountants, management consultants, recruitment agencies, advertising agencies, and public relations firms. Each function is described in 1-2 sentences.
Intro to ent&wht_bus_plan
This document provides an introduction to entrepreneurship and business plans. It defines an entrepreneur as someone who organizes, operates, and assumes risk for a business venture. A business plan is described as a blueprint for starting a business, including details about the business, industry, products/services, customers, competitors, and finances. The document outlines the key components of a business plan and characteristics of an effective plan. Factors to consider before selecting a business are discussed, such as interests, abilities, resources, and profit potential. Possible teen-based business ideas are also mentioned.
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An entrepreneur performs various functions from developing an idea to establishing and operating a successful business. They recognize opportunities, formulate business policies for production, marketing, and organization. Entrepreneurs classify their functions into entrepreneurial, promotional, managerial, and commercial categories. As an entrepreneur, key activities include innovation, risk-taking, organization building, planning, organizing, staffing, directing, controlling, production, finance, marketing, personnel management, and accounting. Entrepreneurs investigate opportunities, conduct market analysis, acquire financing, and work to minimize costs and maximize profits.
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The document outlines an organizational structure and staffing plan for a proposed new business. It identifies key leadership positions such as President, Secretary, and managers overseeing areas like human resources, accounting, marketing, operations, and more. For each position, it describes the roles and responsibilities as well as the recommended qualifications and proposed compensation for qualified candidates. An organizational chart is also proposed to illustrate how the different roles would be structured within the company. Benefits and policies for employees are then outlined. In summary, the document provides a detailed framework for establishing the organizational structure and hiring qualified individuals to lead different functions for the new business.
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The document provides guidance on creating a business plan for an established business. It outlines the various sections that should be included such as executive summary, company description, products/services, marketing plan, operations, management, finances, and appendices. The narrative emphasizes that the real value is in the research and planning process, which allows you to systematically think through your business ideas and avoid costly mistakes. It suggests customizing the plan to suit your specific business type and goals, whether seeking financing from investors or bankers. Research and attention to presentation are also emphasized.
Businessman d
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The upgrading of workforce skills is key to the competitiveness of SMEs. In today’s business environment there is a premium on innovation that enables firms to develop new products and services, new production processes and new business models. This requires both in-house innovation and the ability to absorb knowledge from other firms and organisations, both of which call for a skilled labour force. Skills are also a critical but understated resource for entrepreneurship seen in the sense of business creation. Similarly to workforce skills, entrepreneurship skills will boost the competitiveness of local businesses thanks to the improved strategic and management competences of the entrepreneur.
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The organizational structure outlines key roles including the president, vice president, secretary, human resources, accounting, marketing manager, and cashier. The president oversees company operations, represents the company, and chairs board meetings. The vice president assists the president and can assume the presidency if needed. The secretary manages files, communications, and administrative tasks. Human resources handles staffing, benefits, training, and communications. Accounting ensures accurate financial reporting. Marketing focuses on customers, research, branding, and sales. The manager oversees production, marketing, finance, and human resources. The cashier manages cash operations.
Be an Enterpreneur
The document provides information on preparing a business plan, including defining a business plan, objectives of a business plan, and the steps involved in preparing one. The key steps include preliminary investigation of the business idea, environmental scanning, feasibility analysis, drawing functional plans for marketing, production, organization, and finance, and preparing a project report. Functional plans provide direction to the company's vision, mission, and objectives. Marketing research is also an important part of understanding customer needs and demand.
Functional areas 2 b
This document discusses business functions and organizational hierarchy. It defines a hierarchy as an organizational structure similar to a pyramid, with fewer personnel at each higher layer. It then lists common business functions like human resources, customer service, sales and marketing, research and development, administration and IT, production/operations, and finance and accounts. For each function, it provides examples of typical tasks, such as recruiting and training for human resources, market research and promotion strategies for sales and marketing, and cash flow monitoring and account preparation for finance. The document aims to teach about the different functions within a business and the roles and responsibilities of each.
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Business management is complex and requires successfully managing multiple functional areas. There are several key functional areas that must be effectively managed for a business to achieve its goals. These include finance, human resources, administration, production/services, marketing, sales, customer service, and research and development. Each functional area plays an important role like finance which deals with spending and receipts, human resources which deals with employees, and production which focuses on transforming raw materials into finished goods for manufacturing businesses.
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This document outlines a cyberpreneurship course. The course aims to introduce students to concepts of cyberpreneurship and encourage them to become entrepreneurs in e-commerce. Key topics covered include managing, financing, and marketing an online business. Students will learn about intellectual property, developing a business plan, and using technology to support business marketing. Upon completing the course, students should be able to explain cyberpreneurship concepts, major business principles, and intellectual property issues relevant to online entrepreneurship.
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The document discusses the importance and key components of a business plan (BP). A BP is important as it sets the mission and determines competitors and management strategies. It increases stakeholder confidence and identifies barriers. Entrepreneurs, investors, and suppliers all need a BP. Key BP components include an executive summary, business description, market strategies, competitive analysis, design/development plan, operations/management plan, and financial factors. These components provide essential information about the business, ownership, market, competition, staffing, budgets, and funding.
Setting up a new business enterprise
Bunch of complex decisions an entrepreneur have to gone through to successfully launch an enterprise.
Unit 1b - Key Functions of Departments
The document describes the key functional areas or departments of an organization called Caledonian Health & Fitness. It discusses the personnel/human resources, sales/marketing, finance, and purchases departments. For each department, it outlines the main tasks and responsibilities and provides examples of job roles within each department.
Seting up an enterprises
The document outlines the key steps involved in setting up an enterprise:
1) Selecting a viable project by choosing a product/service and determining production process, location, and partners;
2) Selecting appropriate technology and machinery for manufacturing;
3) Arranging necessary financing from banks, funding agencies, or other sources;
4) Obtaining required approvals, clearances, and quality certifications from regulatory bodies.
The entrepreneur must develop a business plan, identify resources, and implement and manage the enterprise operations. Setting up a new business involves studying opportunities, planning, securing resources, and fulfilling legal requirements.
Starting an-enterprise
Starting an enterprise involves 18 key steps: (1) deciding to become an entrepreneur, (2) choosing a business idea, (3) determining the size of the project, (4) selecting a location, (5) preparing a project report analyzing technical and financial feasibility, (6) arranging long-term financing for fixed assets and working capital, (7) obtaining necessary licenses and permits, (8) acquiring facilities and equipment, (9) ensuring a steady supply of raw materials, (10) hiring needed personnel, (11) synchronizing all aspects to start production on time, (12) obtaining utility connections like power, and (13) carefully planning marketing and distribution channels. Careful consideration of each step is needed
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The document discusses entrepreneurs and entrepreneurship. It defines an entrepreneur as someone who takes risks to start a new business in order to make a profit by identifying opportunities and assembling resources. The key functions of an entrepreneur are risk assumption, decision making, management, and innovation. Entrepreneurs can be classified by type of business, gender, area of operation, and risk tolerance, such as innovative entrepreneurs who create new ideas versus imitative entrepreneurs who adopt existing successful innovations. [END SUMMARY]
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The document discusses several key functional areas of a business including finance, marketing, HR, production, and communication. It provides details on each function such as the key aspects involved in marketing like identifying customer needs, developing products/services, pricing, promotion etc. It also discusses concepts in production/operations around inventory management, quality management, and total quality management. For HR, it covers areas such as recruitment, training, performance management. It emphasizes that while businesses have distinct functions, there is overlap between them and communication is important. Functions need to work collectively and be aligned to achieve business goals.
Business function
This document discusses the various business functions within an organization. It defines a business function as an action that produces a result to help achieve the organization's overall purpose. The document then categorizes functions as either internal functions like research and development, production, sales, and supporting functions like computing and human resources. It also discusses external functions such as those provided by chartered accountants, management consultants, recruitment agencies, advertising agencies, and public relations firms. Each function is described in 1-2 sentences.
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This document provides an introduction to entrepreneurship and business plans. It defines an entrepreneur as someone who organizes, operates, and assumes risk for a business venture. A business plan is described as a blueprint for starting a business, including details about the business, industry, products/services, customers, competitors, and finances. The document outlines the key components of a business plan and characteristics of an effective plan. Factors to consider before selecting a business are discussed, such as interests, abilities, resources, and profit potential. Possible teen-based business ideas are also mentioned.
Function of an entrepreneur emong hermosura
An entrepreneur performs various functions from developing an idea to establishing and operating a successful business. They recognize opportunities, formulate business policies for production, marketing, and organization. Entrepreneurs classify their functions into entrepreneurial, promotional, managerial, and commercial categories. As an entrepreneur, key activities include innovation, risk-taking, organization building, planning, organizing, staffing, directing, controlling, production, finance, marketing, personnel management, and accounting. Entrepreneurs investigate opportunities, conduct market analysis, acquire financing, and work to minimize costs and maximize profits.
7. organization feasibility
The document outlines an organizational structure and staffing plan for a proposed new business. It identifies key leadership positions such as President, Secretary, and managers overseeing areas like human resources, accounting, marketing, operations, and more. For each position, it describes the roles and responsibilities as well as the recommended qualifications and proposed compensation for qualified candidates. An organizational chart is also proposed to illustrate how the different roles would be structured within the company. Benefits and policies for employees are then outlined. In summary, the document provides a detailed framework for establishing the organizational structure and hiring qualified individuals to lead different functions for the new business.
Patrick Henry Entropic | Creating And Starting The Venture
Developing a new idea by looking at product combinations
Focused on generating ideas from relationship patterns between elements of a problem
Business plan for established business 08
The document provides guidance on creating a business plan for an established business. It outlines the various sections that should be included such as executive summary, company description, products/services, marketing plan, operations, management, finances, and appendices. The narrative emphasizes that the real value is in the research and planning process, which allows you to systematically think through your business ideas and avoid costly mistakes. It suggests customizing the plan to suit your specific business type and goals, whether seeking financing from investors or bankers. Research and attention to presentation are also emphasized.
Businessman d
The document provides information about the qualifications, personal qualities, skills, and job scope of a businessman. It notes that there are no rigid qualifications to be a businessman as anyone with a brilliant idea and capital can start a business. Key personal qualities of a businessman include tact, intelligence, courage, vision, imagination, organizing ability, attention to detail, punctuality, consistency, and the ability to be friendly towards employees and customers. Important skills include communication, planning, productivity, creativity, delegation, meeting with clients, and checking day-to-day operations. Income varies according to monthly sales but investing back into the company is important. While no formal education is required, an MBA would be beneficial for business knowledge and typically requires a
Ii a - cooney issues and policies in entrepreneurship skills development
The upgrading of workforce skills is key to the competitiveness of SMEs. In today’s business environment there is a premium on innovation that enables firms to develop new products and services, new production processes and new business models. This requires both in-house innovation and the ability to absorb knowledge from other firms and organisations, both of which call for a skilled labour force. Skills are also a critical but understated resource for entrepreneurship seen in the sense of business creation. Similarly to workforce skills, entrepreneurship skills will boost the competitiveness of local businesses thanks to the improved strategic and management competences of the entrepreneur.
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Patrick Henry Entropic | Creating And Starting The Venture
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This document discusses managing conflict and anger from a biblical perspective. It references several passages from the Bible advising being slow to anger and controlling one's spirit. Conflict is not always negative, as seen in Jesus' interactions, but should still be resolved carefully without quarreling. The document suggests preparing for the possibility of being wrong and cites examples from the Bible of resolving conflicts peacefully.
Miri Tries a Legacy Chapter 12
- Amadeus visits his brother Johann at the Brotherhood of Cheese and is deemed overdressed.
- Sprite teaches her great-grandson Pong his first word. She later passes away at 90 days old.
- Risk is excited that his father adopted a puppy named Z. A new baby girl named Tetris is also born.
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1 bed apartment in burj residence tower 8 (t1) community view 906 sq ft
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M & E notes - module -3 praveen
This document provides an overview of entrepreneurship. It defines an entrepreneur as someone who tries to create something new, organizes production, and undertakes risks and handles economic uncertainty. Entrepreneurs can be classified in various ways, such as by the scale of their enterprise or type of innovation. The role of entrepreneurship in economic development is also discussed, as are the characteristics, functions, and barriers faced by entrepreneurs. The document concludes by distinguishing an intrapreneur, who works within a large organization, from an entrepreneur.
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The document provides guidance on developing a successful business plan by outlining the key components and steps involved. It discusses identifying a viable business opportunity through environmental scanning and evaluating opportunities. Generating a business idea is covered, including types of ideas. Developing the functional plans for marketing, operations, finance and organization is also outlined. The document stresses the importance of assessing risks and having an exit strategy. It recommends including standard sections like the executive summary, product/service description, funding needs, management team, and financial projections in the final business plan report.
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The document discusses various topics related to entrepreneurship including innovation, invention, creativity, business ideas, environmental scanning, SWOT analysis, the entrepreneurship development cycle, and business planning. It defines key terms, provides examples, and outlines the process of developing a new business venture from coming up with an idea to writing a business plan and assessing feasibility and risks.
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The document defines entrepreneurship as identifying business opportunities and assembling resources to initiate a successful business. Successful entrepreneurs are risk takers who have a desire to achieve and are dedicated to becoming their own boss. Key characteristics include versatility, self-confidence, and the ability to work with others. Entrepreneurs perform functions like understanding capabilities, planning, organizing, identifying opportunities, and managing various aspects of the business like finance, production, workforce, and markets. The main distinction between an entrepreneur and manager is that an entrepreneur owns the business and takes on risks to start it, while a manager oversees day-to-day operations.
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- 3. Step by step approach to entrepreneurial start up Entrepreneur is an opportunity seeker. He is also the organizer and coordinator of the agents of production. He has to execute many good functions while establishing a small scale enterprise. He is not only perceives the business opportunity but also mobilizes the other resources. However, the main functions are discussed below. Idea generation – This is most important function of the entrepreneur. Idea generation can be possible through the vision, insight, observation, experience, education, training and exposure of the entrepreneur. It implies product selection and project identification. Ideas can be generated through environmental screening and market survey. It is the function of entrepreneurs to generate as many ideas as he can for the purpose of selecting the best business opportunity which can subsequently be taken up by him as a commercially viable business venture.
- 4. Determination of objective – The next function of the entrepreneur is to determine and lay down the objectives of the business, which should be spelt out on clear terms. In other words, entrepreneur should be very much clear as about the following things – The nature of business The type of business This implies whether the enterprise belongs to the category of manufacturing or service concern unit or a trading business, so that the entrepreneur can very well carry on the venture in accordance with the objectives determined by him.
- 6. Raising of funds – Fund raising is the most important function of an entrepreneur. All the activities of the business depends upon finance and its proper management. It is the responsibility of the entrepreneur to raise funds internally as well as externally. In this matter, he should be aware of the different sources of funds and the formalities to raise funds. Procurement of raw materials – Another important function is to procure raw materials. Entrepreneur has to identify the cheap and regular sources of supply of raw materials, which will help him to reduce the cost of production and face the competition boldly.
- 7. Procurement of machinery – The next function of the entrepreneurs is to procure the machineries and equipment for establishment of the venture. While procuring the machineries, he should specify the following details –
- 8. The details of technology Installed capacity of the machines Names of the suppliers Whether the machines are indigenously made or foreign made After-sales service facility Warranty period of the machinery Market research – The next step of the entrepreneur is market research and product analysis. Market research is the systematic collection of data regarding the product which the entrepreneur wants to produce. Entrepreneur has to undertake market research persistently in order to know the details of the intended product while starting an enterprise.
- 9. Determination of form of enterprise – The function of an entrepreneur is determining the form of enterprise is also important. Entrepreneur has to decide the form of enterprise based upon the nature of product, volume of investment, nature of activities, types of products, quality of product, quality of human resources etc. The main forms of organizations are sole proprietorship, partnership business, company business and cooperative business. Determination of ownership rights is essential on the part of the entrepreneur to acquire legal title to assets.
- 10. Recruitment of manpower – Entrepreneur has to perform the following activities while undertaking this function: Estimating manpower and need of the organization Lying down of selection procedure Devising scheme of compensation Lying down rules of training and development
- 11. Implementation of the project – Entrepreneur has to work on the implementation schedule or the action plan of the project. The identified project is to be implemented in a time bound manner. All activities from the conception stage to the commissioning stage are to be accomplished by him in accordance with the implementation schedule to avoid cost and time overrun, as well as competition. To conclude with, all these functions of the entrepreneur can be precisely be put into the following categories: Innovation Risk bearing Organization and management.