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Public Relations

Entrepreneurship requires social acceptance by the regulatory bodies and the public at large. The government
or other regulatory bodies would be convinced through public relations to accept and to allow the entrepreneur
to execute an entrepreneurial venture. So public relation is a significant function of entrepreneurship.
Sharing Experiences

An entrepreneur may share his success story to the society through publishing or sharing with other by holding
workshops, industrial visits etc. This function is bound to benefit the economy of a country as well as the world.

Managerial Roles
Entrepreneurs perform several managerial roles to keep their venture functioning with success. These roles
include interpersonal, leadership role, liaisoning role; informational roles, the spokesperson role; role of a
decision maker, resource allocator role, and the negotiator role. The entrepreneur also does the associated
managerial functions such as planning, organizing, leading and controlling.
ROLE AND IMPORTANCE OF AN ENTREPRENEUR

An entrepreneur builds economic growth and promotes the prosperity and wealth of a country. He takes
initiatives and has skills for innovation. He is a dynamic leader and takes risks easily. He creates wealth, opens
up employment opportunities for others and has a conscience for performing social responsibility. Here are the
roles and importance of an entrepreneur:

Wealth Creation

By establishing the business entity, entrepreneurs invest their own resources and attract capital in the form of
debt, equity, etc from investors, lenders and the public. This mobilizes public wealth and allows people to benefit
from the success of entrepreneurs and growing businesses. This kind of pooled capital that results in wealth
creation and distribution is one of the basic imperatives and goals of economic development.

Job Creation

Entrepreneurs are by nature job creators, as opposed to job seekers. In other words, we can say that when you
become an entrepreneur, there is one less job seeker in the economy, and you provide employment for multiple
other job seekers. This kind of job creation by new and existing businesses is again one of the basic goals of
economic development. This is why the Government of India has launched initiatives such as Startup India to
promote and support new startups, and also the Make in India initiative to attract foreign companies and their
FDI into the Indian economy. All this creates job opportunities to help the economy.
Regional Development

Entrepreneurs setting up new businesses and industrial units help in regional development by locating in less
developed backward areas. The growth of industries and businesses in these areas leads to infrastructure
improvements such as better roads and rail links, airports, stable electricity and water supply, schools, hospitals
and other public and private services that would otherwise not be available.

Every new business that locates in a less developed area creates direct as well as indirect jobs, thus helping lift
regional economies in many different ways. Both central and state governments promote this kind of regional
development by providing various benefits and concessions to the registered MSME businesses.

Improving Standard of Living

Increase in the standard of living of people in a community is yet another key goal of economic development.
Entrepreneurs play a key role in increasing the standard of living in a community. They do this not just by

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