YOU AS AN ENTREPRENEUR

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Entrepreneur is coined form the French word “Entreprendre” meaning to undertake. An entrepreneur is a person that has possession of an enterprise, or venture, and assumes significant accountability for the inherent risk and the outcome of the enterprise. “Entrepreneur” was defined by the Irish economist Richard Cantillon.

Entrepreneurship is the process of performing the roles of an entrepreneur. It has been defined as the process of planning, operating and assuming the risk of a business venture. It may also be defined as the process of creating a unique value, of pulling together a unique package of resources to exploit an opportunity. Entrepreneurship encompasses various activities which are carried out to ensure the survival and growth of the business. The process has been described as going through at least four phases, conception (when the would-be entrepreneur perceives and opportunity), the gestation phase (when the opportunity is evaluated), the infancy phase (when the firm is created), and the adolescence phase (where after the firm matures).

While several definitions of entrepreneurship abound, the central idea of the concept incorporates uncertainty and risk taking, innovation, perception and change. Entrepreneur and entrepreneurship are more often associated with small and medium-scale enterprises even though not restricted to them. This is because entrepreneurial endeavours are often given expressions through small and medium-scale enterprises.

Some specific functions performed by the entrepreneur are:

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The Leadership Function
The entrepreneur as an initiator of the business process has a generic function of given sense of direction the organization (Drucker, 2004). Leadership has to do with how you relate with people around you. In addition to knowledge about the people, the entrepreneur should have a sound knowledge about the people, the entrepreneur should have a sound knowledge of the business vis-à-vis the industry as well as the knowledge of how specific actions relate to desired objectives or outcomes.

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Planning Function
The entrepreneur is the business master planner. Planning is a business function which the entrepreneur has to contend with throughout the business life. In a man business, the entrepreneur plays a dual role, one as a planning specialist and secondly as a planning task force. There are different areas in which the entrepreneur needs to set target and plan i.e. in the area of marketing, innovation, social responsibility, human resources, financial resources, etc. such goals should be realistic and attainable within the limit of available resources.

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Innovative Function
Entrepreneurs play a vital role in introducing new goods, services and technology into the economy. This is part of the innovative function.

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Promoting Function
The entrepreneur is a promoter. He mooted the business idea. He is a founder. In every environment whether in the cities, villages or creeks, there is always a need. Those who take extra effort to search, identify and satisfy these needs are the entrepreneurs. Today look around you, what difference can you make? Can you create a product, service or process or improve on the existing ones? If you can, then you are an entrepreneur.

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Function of Risk Taking
The global corporate environment is dynamic and complex. This complexity attracts risk and uncertainties which the entrepreneur must grapple with to succeed. For instance, there may be a structural shift in demand, change in government policies, global economic melt down, change in technology, etc. The entrepreneur must be prepared to take risks.

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