Page 96 - Ai Book - 10

be able to make decision regarding which parts of the business need to be expanded and where the investment
should go to.

Taking Initiative
Entrepreneurship is a pro-active activity that takes such actions, which others cannot even perceive. This unique
function of entrepreneurship provides our civilization with a wide variety of products, ways of actions, production
techniques, etc.
Therefore, taking initiative with such end and qualification is the prime function of entrepreneurship in every
economy.

Organizing Resources

Organizing entails identifying those resources that are required to transform a particular idea into reality. The
resources include human and non-human resources. Organizing in entrepreneurship will increase productivity,
promote new venture, distribute and supervise work and responsibility, and will remove barriers to work.
Entrepreneurship, thus helps in indigenous skills and resources for the productive purpose.

Identifying Opportunities and Prospects

Entrepreneurship searches those activities of value that have an economic and social contribution.
It identifies new opportunities in the socio-economic arena which have profitable prospects therefore,
entrepreneurs are called the searchers of hopes into blind spots and this function enormously indebted our
society to entrepreneurship.
Decision Making

Entrepreneurship is a new initiative therefore, it has to take a decision about multivariate issues that affect new
ventures.
Entrepreneurship has to decide upon equipment to be used, quality of the product, price and its variation,
deficiency, capital structure, the feasibility of the project, organizational structure, philosophy of management
etc. that will guide, run and prosper the new venture or distinct attempt for entrepreneurship.
Technology Transfer and Adaptation

Entrepreneurship throughout the world brings invented technology from different comers of the world and makes
it appropriate by making required adjustments for local conditions. This function of entrepreneurship involves
identifying appropriate technology with market potentials and adapts it into the local environment. Sometimes,
the technology uses indigenous materials that reduce cost and wastage of resources. This entrepreneurial
function virtually makes the world united in terms of homogeneous technology.
Fostering Autonomy

Entrepreneurship is an exposure of creative faculty that provides personal satisfaction and independence.
The unique freedom to think differently is the stimulus for entrepreneurship. Thus, entrepreneurship fosters
autonomy so as to advent something new of value by the application of devoted efforts and time.
Social Responsibility

Entrepreneurship promotes human efforts. It restarts closed industries with innovative managerial strategy and
techniques. It also motivates new entrepreneurs and attracts them to engage into an entrepreneurial venture.
Entrepreneurship provides new products or ideas that give a momentum and diversity to the society.
Therefore, entrepreneurship performs social responsibility that works towards the welfare, benefit and economic
gain of the society. It also promotes the community standard by providing jobs and amenities.

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