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FUNCTIONS OF AN ENTREPRENEUR

FARAHA LUGMANMA 41 & 42

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CONTENTS

• Who is an entrepreneur?• The functions of an entrepreneur• Conclusion• References

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Who is an entrepreneur?• An entrepreneur is someone who establishes a new entity to

offer a new or existing product or service into a new or existing market, whether it is for a profitable or non-profitable outcome.

• An entrepreneur is one who always searches for changes responds to it and exploits it as an opportunity

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Functions of an entrepreneur• Personal initiative : An Entrepreneur who has strong personal initiative is

able to act immediately on available opportunities and choose best strategy when he faces a problem. Initiative allows an Entrepreneur to be alert and proactive.

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• Persuasion;• Entrepreneur is persuasive and will be able to persuade his

customers to buy his products or services.• He has to persuade many people who have an impact on his

business such as staff, customers, suppliers and financial institutions.

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Identify opportunities:• grabs or seize opportunities continuously to make sure that his

business sustains for a long time in the industry. • focuses, identifies and exploits business opportunities. • maximizes his thinking capacity by finding solutions to

problems faced by community. • who is successful will be confident that there is a business

opportunity behind every problem.

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• Feasibility study:• able to seek information, that is he has done some

research to obtain information and received feedback from customers in order to provide a good product or service that can gain customers satisfaction and acceptance.

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• Planning:• for arranging business strategies to achieve bussiness goals.• always focuses on the future and is sensitive towards any

change that occur. • not be greedy or slow in reacting when an problem emerge. If

he does not have expertise in making decisions, he will consider sourcing skilled expertise from outside the company.

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• Risk bearer• Should necessarily act as a risk bearing agent of

production since he has to handle a greater amount of uncertainties in business

• Risk due to the possibility of changes in the taste of customers, change in fashion and technique of production cannot be insured

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• Decision making• An entrepreneur has to decide the nature and type

of goods to be produced, the size of the business, its location, technique of production, type of employees etc.

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Conclusion

• They are doers, not thinkers• They are born, not made• They are always inventors• Ignorance are bliss• Extreme risk takers• Work hard to get noticed• Seek success but experience high failure rates

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REFERENCES

• http://www.slideshare.net/ShivaliGupta3/the-entrepreneur-46860985?qid=da742d45-813c-4156-81f4-8f544ed09f3d&v=default&b=&from_search=5

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ANY QUESTIONS?

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THANK YOU