Question

expain the characteristic and functions of entrepreneurs ​

Answer 1

Answer:

Functions of an Entrepreneur

The main tasks of an entrepreneur is to recognize the business opportunity, start of their own business, gathering funds for the start of business, advertising the business in the market, analyzing the risk and providing leadership

Answer 2

Explanation:

• Innovation: basically means generating a new idea with which you can start a business and achieve a substantial amount of profits. Innovation can be in the form of a product, i.e., launching a product that no one is selling in the market.

• Creating a new venture: Entrepreneurship is concerned with the creation of new ventures with new ideas. Such ventures start as a small business unit which fully satisfies the needs in the market. The new venture produces new and innovative products to customers.

• Leadership: Most of the Entrepreneur has a vision, it takes a lot of resources in order to turn that vision into reality. A single person cannot do all the tasks like production, Supplying, accounting. In order to do these tasks an entrepreneur hires people, This also makes leadership very important as a leader provides the direction to the employees.

• Profit Potential: Profit is the return or compensation to the entrepreneur for taking the risk and producing the goods and services to the society, Without the profit an entrepreneur’s efforts would remain only abstract and theoretical leisure activity.

• Risk Assumption: Entrepreneurship involves a high level of risk which implies the possibility of loss. Probability can be estimated and the level of destruction or loss can be calculated. Usually, new ventures have a high risk of failure they need to be properly managed and guided.