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ENTREPRENEURIAL DEVELOPMENT

DR.K.VANITHEESWARI,PH.D.,

ASSISTANT PROFESSOR,

PG AND RESEARCH DEPARTMENT OF COMMERCE

C.P.A COLLEGE, BODINAYAKANUR.

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FUNCTIONS OF ENTREPRENEUR

  • Marshall viewed organization and management of the enterprise as the important function of an entrepreneur. Economists like J.B. Say cantellon and others stressed risk,taking as the specific function of an entreprrneur was to innovate.
  • An entrepreneur performs all the functions necessary right from the genesis of an idea up the establishment of an enterprise. An entrepreneur is the Mestro of the business orchestra. The major functions of an entrepreneur are listed below;
  • Conception of idea and scanning of the best suitable ideas.
  • Determination of business objectives.
  • Product of form of organization and hierarchy of management.
  • Completion of promotional formalities.
  • Raising adequate financial resources.
  • Recruitment of Men.

Dr.K.VANITHEESWARI,Ph.D.,Assistant Professor,PG and Research Department ofCommerceC.P.A College,Bodinayakanur.

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A. INNOVATION

Innovation means “doing new things or the doing things that are already being done in a new way”

Innovations may occur in the following forms.

  1. Introduction of new product in the Market.
  2. Establishment of new production technology which is not yet tested.
  3. Opening of new market into which the specific product has not previously entered.
  4. Discovery of new source of supply of raw material or a new raw material.
  5. Creation of monopoly position or the breaking up of monopoly position.

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  • B. RISK TAKING OR RISK BEARING

Risk bearing means provision for capital in order to enable the entrepreneur to establish and run the enterprise. An important function on the entrepreneur is to reduce uncertainity in his plan of investment and expanstion of enterprise . Uncertainly in his defined as risk which cannot be insured against and inclauble. According to knight, “the entrepreneur is the economic functionary who undertakes such responsibilities not salaried too”.

Risk refers to a situation where tge probability distribution of a particular outcome could be objective known in advance, Uncertainlyrefers to a situation sure probability distribution cannotbe objectives known, but only be guessed.

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  • C. ORGANISATION

An entrepreneur is one who combines land labour and capital and produes a product or renders service. By selling the product orservice in the market, he plays interest on capital, rent on land and wages to labpures and what remains is his profit. Thus,an entrepreneur coordinates organize and supervises land,Labour and capita of a business entrepreneur.

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THANK YOU