FUNCTIONS OF AN ENTERPRENEUR

A society is prosperous only if the degree to which it rewards and encourage entrepreneurial activities because it is entrepreneurs and their activities that are critical determinants of the level of success, prosperity growth and opportunity in the economy.
The most dynamic societies in the world are the ones that have the most entrepreneurs, plus the economic and legal structure to encourage and motivate entrepreneurs to greater activities. Thus entrepreneurs perform the following functions

Identifying entrepreneurial opportunity

There are many opportunities in the world of business. These opportunities are based on human needs as food, fashion, education etc. which are constantly changing. these opportunities are not realized by common man, but an entrepreneur senses the opportunities faster than others do. An entrepreneur therefore, has to keep his eyes and ears open and require imagination, creativeness, innovation and informativeness.

Turning ideas and dreams into viable business 

An entrepreneur should be capable of turning his ideas and good dreams into reality. He collects information regarding his ideas products,practices, to suit the demand in the market. Further steps are taken to achieve the goals in the light of information collected.

Resourcing for the needed business resources

The entrepreneur needs various resources in terms if money, machine, material and men to running the Enterprise successfully. An essential function of an entrepreneur is to ensure the availability of these resources.

Setting up of the enterprise

For setting up an Enterprise, the entrepreneur may need to fulfill some legal formalities. He also tries to find out a suitable location, design and premises, install machinery and do many other things.

Managing the enterprise

One of the important function of entrepreneur is to run the enterprise. he has to manage the finance, resources, material and organize production of goods and services. He has to market each product and service, after ensuring appropriate returns also known as profit of the investment. only a properly managed organization yields positive results.

Exploration of avenues foe growth and development of the business

Once the enterprise achieve its desired results, the entrepreneur has explore another higher goal for its proper growth and development.He decided the scale of business in accordance with the provision of capital and other business resources.