Functions of Entrepreneurship
1. Identifying Opportunities
Studies market needs and customer problems.
Searches for gaps in existing products/services.
Observes trends and new demands in society.
Converts ideas into workable business opportunities.
2. Organising Resources
Collects land, labour, capital, and raw materials.
Arranges machines, tools, and technology needed for production.
Brings all resources together in a proper system.
Ensures resources are used efficiently without waste.
3. Risk Bearing
Accepts uncertainty in profit and loss.
Faces competition and changing market conditions.
Takes financial risk of investment.
Handles failure or success of the business.
4. Decision Making
Decides what to produce and how much to produce.
Chooses suppliers, employees, and business location.
Fixes price and marketing strategies.
Makes quick decisions during problems or crises.
5. Innovation
Introduces new products or improves existing ones.
Develops better production methods.
Uses new technology to increase efficiency.
Finds creative solutions to business problems.
6. Management
Plans business activities and sets goals.
Organises tasks among workers.
Directs employees and supervises work.
Controls performance and checks results.
7. Leadership and Motivation
Guides employees toward common goals.
Encourages teamwork and cooperation.
Motivates workers with rewards and support.
Builds confidence and positive work culture.
8. Creating Employment
Starts businesses that need workers.
Provides jobs for skilled and unskilled people.
Reduces unemployment in society.
Supports economic stability.
9. Wealth Creation
Generates profit through business activities.
Increases income for individuals and society.
Contributes to national economic growth.
Reinvests profit for expansion.
10. Customer Satisfaction
Produces quality goods and services.
Offers products at reasonable prices.
Improves customer service and feedback systems.
Builds long-term customer trust and loyalty.