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Functions of Entrepreneurship

An entrepreneur is a person who undertakes the business of its own. His business is known as entrepreneurship.following are the function of entrepreneurship:-

RISK TAKING: - One of the most important function of entrepreneurship is to take a risk. An enterprise may earn profits or suffer losses because of various factors. An entrepreneur needs to assume the risk involved in the enterprise. He should be a risk taker, not risk avoider.

INNOVATION: - Innovation implies doing creating something new with using new technology. Innovation includes the introduction of new goods, new methods, new markets and new technology etc. Tastes and preference of consumers are undergoing a great change. innovation plays a unique role to meet their requirements.

BUSINESS PLANNING: - Need for planning arises as soon as the business is undertaken. Formal business planning is vital in the success of every business enterprise.

FUNCTION OF MANAGERIAL SKILL: - Managerial skills are the important functions of the entrepreneur. A person who is doing to be industrialisation he must have the ability to lead and manage.

DECISION MAKING: - Decision taken by entrepreneur contributes in improving future profitability. Entrepreneurship helps in taking the quick and accurate decision.
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