EIDT PPT AKASH.pptx market strategies & market trands

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1. J D College Of Engineering And Management

2. TOPIC = Entrepreneurship Unveiled: Functions and Classifications of Entrepreneurs Subject = Entrepreneurship Innovation & Design Thinking Name = Akash Ravindra Dhewale Section = B Roll No = 05

3. An entrepreneur performs a series of functions necessary right from the genesis of an idea up to the establishment and effective operation of an enterprise. He carries out the whole set of activities of the business for its success. He recognises the commercial potential of a product or a service, formulates operating policies for production, product design, marketing and organisational structure. He is thus a nucleus of high growth of the enterprise. Functions of An Entrepreneur

4. According some economists, the functions of an entrepreneur is classified into four broad categories: Entrepreneurial Functions Promotional Functions. Managerial Functions. Commercial functions.

5. As an entrepreneur , he/she performs the following activities; Innovation Risk Taking Organisation Building Entrepreneurial Functions

6. It is the basic function of an entrepreneur. As an innovator he has to bring new product, new market, new source of raw materials ,etc. He foresees a potentially profitable opportunity and tries to exploit it. Innovation

7. Risk taking refers to taking responsibility for a loss . A good entrepreneur reduces the risk in his business. He is a self-confident and highly optimistic person and willing to assume the risk involved in his enterprise. Risk taking

8. Organization and management are the main functions of an entrepreneur. He brings together the various factors of production. It helps to allocate the productive resources in order to minimize losses and reduce cost in production. He takes the entire decisions like expansion of business , amount of capital ,etc. of his business. Thus he is the final judge of his business. Organization Building

9. Investigation / Discovery of An Idea Detailed Investigation Assembling The Requirements. Financing the Proposition. Promotional Functions

10. There are lots of opportunities / ideas available in our world to set up an enterprise. But it is the ability of a good entrepreneur to discover a suitable idea that helps to develop profitable ventures. He / she has to develop the discovered idea with the support of experts in the field. Discovery of an Idea

11. The entrepreneur will conduct a detailed analysis about the demand for his product in the market. There after he will analyse the availability of finance, power, labour, raw materials and machinery, etc. Detailed Investigation

12. After making sure that the idea is practical and profitable one, he will acquire some patent rights , if he has invented something. Then the entrepreneur selects the factory site, decides about plant and machinery, contacts suppliers of raw materials. Preliminary contracts are finalized and projects set to begin. Assembling the Requirements

13. The entrepreneur decides about the capital structure of the enterprise. Estimating the required finance and analyzing the sources for its collection. Long term and short term financial requirements are estimated first and the type of source of funds is also decided share, debenture, loan , etc. Financing the Proposition

14. Planning Organising Staffing Directing Leadership communication Motivation Supervision co-ordination controlling Managerial Functions

15. It is the basic and foremost managerial function of an entrepreneur . It helps in determining the course of action to be followed to achieve various entrepreneurial objectives. It is decision making in advance , what to do, when to do it, how to do it and who will do a particular task. Planning

16. The entrepreneur sets up the objectives or goals to be achieved by its personnel. The function of organising is to arrange, guide, co-ordinate, direct and control the activities or the factors of production. Organising

17. It is concerned with the human resources of an enterprise. It consist of manpower planning, recruitment, selection , placement, human resource development, promotion, transfer, appraisal and determination of employee’s remuneration. Staffing

18. It is concerned with carrying out the desired plans with the support of proper instructions. It ensures effective performance of planned activities by the subordinates, Directing

19. It is the process of inspiring or influencing the workers by satisfying their needs for the fulfillment of organisational objectives. Leadership

20. It refers to the exchange of ideas , feelings, emotions, knowledge and information between two or more persons. For effective running and accomplishment of organisational goals , proper communication at all levels is a necessary one. Communication

21. The performance of an employee depends upon the monetary and non-monetary benefits got from the Organisation. A sound motivational system must be productive, competitive, comprehensive and flexible, and it must consider psychological, social safety, ego and economic needs of the worker. Motivation

22. Supervision refers to the job of overseeing , subordinates at work. It ensures maximum utilization of resources, to the proper and timely completion of work, and to correct the workers whenever they go wrong. Supervision

23. THANK YOU