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Technology Transfer and Adaptation

Entrepreneurs throughout the world bring invented technology from different comers of the world and makes
it appropriate by making required adjustments for local conditions. This function of an entrepreneur involves
identifying appropriate technology with market potentials and adapting 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, an entrepreneur 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, an entrepreneur performs social responsibility that works towards the welfare, benefit, and economic
gain of the society. This also promotes the community standard by providing jobs and amenities.

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 allow the entrepreneur to
execute an entrepreneurial venture.
So, public relation is a significant function of an entrepreneur.

Sharing Experiences

An entrepreneur may share his success story with 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.
Rapid Fireapid Fire
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Entrepreneurs are thought to be “high risk-takers”.
Is it is a myth or a fact?

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, organising, leading, and
controlling.

Types of Entrepreneurs
The different types of entrepreneurs are:

Classic Entrepreneur

The classic entrepreneur is someone who observes a gap in the market or takes note of a business or consumer
need, and develops a business that addresses the deficit or the need. In some cases, the entrepreneur may also
be an inventor, although some classic entrepreneurs will team up with someone who has invented a product.
In many cases, the classic entrepreneur starts the business and continues to own and manage it for many years.
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