Class 03: Functions of Entrepreneur

Entrepreneurship is all about creating a new business and making it a success. The entrepreneurial process entails three distinct kinds of functions to be carried out by the entrepreneurs.
Management Functions:
Function to be carried to run entrepreneurial enterprise
  • Planning
  • organizing
  • Staffing
  • Controlling
  • Motivating

Additional Functions

A new enterprise depending on the progress it makes or challenges it needs to face, entails the following functions

  • Expansion- growing business - ( see Yahoo has bought Maktoob )
  • Diversification- entering into a new segment ( Nokia has entered Laptop business)
  • Employee issues - recruitment/attrition
  • Co-ordination with external world

While entrepreneurship is a universal phenomenon, any instance of it happens in a local conditions. In developing countries such as India, entrepreneurs may have to deal with following functions

  • Management of scare resources ( talent, raw material)
  • Dealing with Public ( eg. Tata's challenge in West Bengal)
  • Engineering
  • New products
  • Parallel opportunities

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