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Dynamism

Entrepreneurs mobilise resources. They discard old ways to create new. They create new needs and new means
to satisfy those needs. They have the ability to visualise new ventures and new plans.

Functions of an Entrepreneur
An entrepreneur should possess the following entrepreneurial functions.

Innovation

An entrepreneur should be innovative enough to bring about the change in a product or service or means of
production or raw material used in the production. They should innovate and bring about a change in one or
more of these. They should be innovative enough to recognise the commercial value in their innovation and
extract economic advantage from it.

Risk-taking

They should be ready to face any unexpected risk while going through the entrepreneurship process. They
should be intelligent enough to diversify the risk in production, investment, and expansion of the enterprise.

Building of Organisation

The entrepreneur should have enough organising and managing skills to utilize the resources with minimum
loss and bring down the production costs. Being the sole decision maker for the enterprise, the entrepreneur
should 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 actions which others cannot even perceive. This unique
function of entrepreneurship provides our civilisation with a wide variety of products, ways of actions,
production techniques, etc.

Organising Resources

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

Identifying Opportunities and Prospects

Entrepreneurs search for activities of value that have an economic and social contribution. An entrepreneur
identifies new opportunities in the socio-economic arena which have no 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, an entrepreneur has to take a decision about multivariate issues
that affect new ventures.
An entrepreneur has to decide upon equipment to be used, quality of the product, price and its variation,
deficiency, capital structure, the feasibility of the project, organisational structure, philosophy of management
etc. that will guide, run, and prosper the new venture.

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