- Idea generation
- It is the most important function of the entrepreneur. Its possible through the vision, insight, observation, experience, education, training and exposure of entrepreneurs
- Idea generation supplies product selection and project identification. Ideas can be generated through environmental scanning and market survey
- The ideas should be commercially viable
2. Determination of objectives
One has to lay down the objection of the business which should be clearly spelt out
3. Raising funds/finances
- All activities of an enterprise depends upon the finance and its proper management. Its their responsibility to raise funds internally or externally
- You should be aware of the different types of funds and the formality to raise the funds
4. Procurement of raw materials
Identify cost effective and regular sources of raw materials helping him to reduce cost of production and face competition broadly.
5. Procurement of machinery and equipments
One has to procure machines and equipments to establish the venture carefully
6. Market research
It’s the systematic collection of data regarding the consumer’s size, demand for the product, supplier of the product and price of the product.
7. Determination of form of enterprise
The functions of an entrepreneur are to determine the form of enterprise i.e. sole proprietorship, partnership, joint stock company etc.
8. Recruitment of man power
This is staffing and while undertaking the function, one should consider the following
- The number of employees needed by the enterprise
- Laying down of selection procedures
- Servicing a scheme of compensation
- Laying down the rules of training and development within the enterprise
9. Implementation of the project
An entrepreneur has to work on the implementation schedules; this is the action plan of the project.