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Functions of Entrepreneurship.ppt
1. By: Mr.M.R.M.Nowfeek
MCS(SL),MSc in IT, PGD in IT, BSc in MIT, BSc in IT, HNDE, BTEC ,ICDL,DICAP
Certified Facilitator :IPICT/ASAP/EPASS
Dip in ICT , Dip in IT , Dip in Hardware & Networking
CS603-Entrepreneurship in ICT Sector
4. functions of entrepreneurship
• The various functions of entrepreneurship
are Innovation and creativity, Risk taking
and achievement and organization and
management, Facilitator of Economic
Development, Overcoming Struggle to
Change and Research.
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9. Implementation of
innovations:
• Implementation of innovations: They
introduce newness in the venture activities
through the innovation of new production
processes, exploring new markets,
identification of new management
techniques, and so on.
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11. Risk-taking
• Risk-taking: He takes risks
associated with investments. He
faces numerous risks in his/her
entrepreneurial endeavor. In order to
encounter the risks, he/she
formulates long-term plans and
policies and undertakes innovative
efforts.
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13. Decision-making
• Decision-making: Entrepreneurs take a
decision about investments. Investment
decision includes a selection of assets
where the money would be invested. On
the other hand, business decisions include
decisions about procurement of machinery
and supplies, quality of products, pricing of
products, diversification of
products, determining optimal capital
structure, etc.
14. Organizing functions
• Organizing functions: Organizing is the
part of managing that involves establishing
intentional structures of a role for people in
an organization. The entrepreneur is
responsible for organizing the activities
necessary for production of goods and
services.
15. Conceptualizing new opportunities and
possibilities:
• Conceptualizing new opportunities and
possibilities: The entrepreneur plays an
effective role in identifying possible
opportunities for production purposes. He
always looks for opportunities for
investment.
16. Technology transfer:
• Technology transfer: Entrepreneurs play
a very important role in transferring
technology from sources where these are
available. In developing countries,
entrepreneurs try to adopt the appropriate
technology.
17. Utilization of experience:
• Utilization of experience: Entrepreneurs
utilize their own experience and also the
experience of others, especially the
successful entrepreneurs of other
countries.
18. Managerial role:
• Managerial role: Successful
entrepreneurs are also efficient managers.
They perform the managerial functions of
planning, organizing, leading, and
controlling.
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41. • What are the characteristics of a successful
entrepreneur
• Briefly explain the functions of an
entrepreneur
