An entrepreneur has to perform a number of important functions in order to grow his business in the industrial sector of a developing country. The real success of the business depends on the smooth and efficient adoption and completion of these activities. Today we will know what is the functions of entrepreneurs or an industrialist in a developing country? Significant activities of the entrepreneur are discussed below:
7 Functions of Entrepreneurs in Developing Countries
1. Business Initiatives
The primary task of an entrepreneur is to take initiative for business. Before making the final decision on the business venture, the entrepreneur has to seriously analyze the following issues:
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(A) determine the nature of the business;
(B) selection of the right technology for the business;
(C) determine the amount of capital required for business organization and management,
(D) analysis of the government’s industrial policy, labor policy, tax policy, import-export policy, etc.;
(E) Selection of the place of business, etc.
2. Management functions
Business management functions are considered to be one of the most important tasks of an entrepreneur.
The following are the business management tasks of the entrepreneur:
(A) Establishment of business objectives: The exact objectives of the business and the objectives of the departments concerned are to be clearly defined.
(B) Policy setting: Entrepreneurs have to set policy in the field of buying and selling of a business, workers, etc.
(C) Planning: The business entrepreneur has to formulate the right plan for the future outcome of the business. The plan should present a complete picture or design of the whole business.
(D) Determining the organizational structure: Determining the organizational structure of the business is also an important task related to the management of the entrepreneur. Entrepreneurs need to establish responsibilities and authority among workers and maintain balance.
(E) Control: Entrepreneurs need to control whether business policies and plans are being implemented properly and take necessary corrective measures.
(F) Guidance, Motivation, and Coordination: Necessary instructions should be given to the workers and employees for the implementation of the objectives of the business organization. Entrepreneurs need to be motivated to motivate and motivate the workers and above all, the entrepreneur has to make arrangements to coordinate the different functions of different departments and employees of the organization.
The entrepreneur has to arrange the necessary financing for the business organization. The entrepreneur arranges the necessary financing for the transaction from his own funds or through debt collection or sale of shares.
After the production or collection of goods, the entrepreneur has to take measures to market the product in order to create market and demand for the product. For this, activities related to advertising, quality improvement of sales system, warehousing, and market research have to be performed.
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5. Office related functions
The success of the organization depends largely on the smooth execution of the office functions of the business organization. Therefore, the entrepreneur has to focus on the proper arrangement of business office-related functions.
6. Risk taking
Entrepreneurs have to bear the risk in different areas of business. The success of a business depends largely on the entrepreneur’s ability to take risks, his ability to anticipate potential risks, and his ability to create solutions.
7. Research and development
Entrepreneurs have to undertake programs for research and development activities to survive in the current competitive market. Research and development activities enhance product quality, reduce costs and, above all, help the entrepreneur move towards ultimate success.
In conclusion, it can be said that an entrepreneur can not only contribute to his own progress by taking initiative but also play an important role in the economic development of the country.
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