The role of the entrepreneur

The role of the entrepreneur

He has to lead the people by hiring, firing, training and motivating his resources as and when necessary. This foundation works with more than , schools in eight states across India. Even after you hire experts to plan the finances, the entrepreneur should always be up to speed on where the money is going and where it is coming from. Thus, the entrepreneur contributes to the removal of poverty. As a result, consumers regularly get good quality products and the low prices. Till a person is not ready to bear them, the question of starting a business does not rise. Identify the steps you could take immediately to operate your business more efficiently, especially regarding internal operating systems.

Optimum Utilisation of Resources The entrepreneur makes optimum utilization of natural and human resources available in the country. Hence, it is said that business is the game of risk and business is full of risk.

In addition, the entrepreneurs also help in reducing the problems prevailing in the towns and cities, like polluted environment, overcrowding, slum areas, and conflicts, etc. The Role of the Entrepreneur As described above, an economy involves people taking their values, applying them to the choice alternatives they have, making a judgement, and then directing their resources e.

This helps them achieve the organizational goals and the objectives. Role in Social Responsibilities The industries are being established, due to assuming responsibility by entrepreneurs.

role of entrepreneurship in economic development notes

All this in turn creates a lot of job opportunities, and is helping in augmenting our standards to a global level. They create all wealth, all jobs, all opportunities, and all prosperity in the nation. This hasn't changed much in the past years. For example, with the rise in the use of internet, an entrepreneur may see the potential to set up a new home delivery service which uses an app for consumers to buy.

As the entrepreneur, you establish the corporate culture through your directives and your behavior as a model for others.

Importance of entrepreneurship development

The entrepreneur can sell his new business for more than the costs of inputs or continued to grow and develop the business. For all these, he uses various techniques and methods, like market research, motivation research, buying habits survey, consumer satisfaction, advertisements and sales promotions, product diversifications, incentives to intermediaries and sellers, etc. Sometimes, entrepreneurs set up a business to deal with a missing market. They create all wealth, all jobs, all opportunities, and all prosperity in the nation. They combine different factors of production such as — land, labour and capital to try and create a new profitable business venture. For example, in the s, if you wanted to rent a room, you would scour newspaper ads and have to make a decision based on 40 words of text. Thus, the entrepreneur contributes to the removal of poverty.
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Role of Entrepreneur