1.

Explain the function of Entrepreneurship and Entrepreneur

Answer» What is communication skill?
Ohh yeah
(i) Discovery of Idea:\xa0The first and foremost function of entrepreneur is idea generation. A person may conceive his own ideas or develop the ideas contributed by others. Ideas can be generated through\xa0several ways like own experience and exposure of entrepreneur, keen observation of environment, education, training, market survey, environmental scanning and so on.(ii) Determining the business objectives:\xa0Entrepreneur has to develop business objectives in the backdrop of nature of business and type of business activity i.e. nature of business, manufacturing or trading, type of business organisation chosen so that he/she can organise the venture in accordance with the objectives determined by him/her.(iii) Detailed Investigation:\xa0Entrepreneur should investigate commercial feasibility of the product proposed to be produced and conduct market study to ascertain the potential demand for the product.(iv) Choice of form of enterprise:\xa0Entrepreneur has to choose the appropriate form of organisation suited to implement the venture. There are various forms of\xa0organisation namely sole proprietor, partnership, company and co-operatives etc. which are in existence.(v) Fulfilment of the formalities:\xa0Having chosen the appropriate type of organisation, entrepreneur has to take necessary steps to establish the form of organisation chosen. As regards sole trader, the formalities are barest minimum. In the case of partnership firm, entrepreneur has to arrange for partnership deed and he has to get the deed registered.(vi) Preparation of Business Plan:\xa0Entrepreneur has to prepare a business plan or project report of the venture that he is proposing to take up.(vii) Mobilisation of funds:\xa0Entrepreneur has to take steps to mobilise capital needed to implement the venture. Entrepreneur has to estimate the fixed capital and working capital required for running the project.(viii) Procurement of Machines and Materials:\xa0Entrepreneur has to locate the various sources of supply of machineries, equipments and materials.


Discussion

No Comment Found

Related InterviewSolutions