ENTREPRENEUR

 Meaning of entrepreneur 

Meaning of entrepreneur : Entrepreneur refers to an individual who has the ability to organise and manage a business idea or a new enterprise, considering the in -built risk and consequences.

According to Richard Cantillon :- An entrepreneur is a person who buys factor services at certain prices with a view to selling its product at uncertain price.

According to McClelland :- An entrepreneur is someone who exercise some control over the means of production and produces more than what he can consume in order to sell it for individual income.

Features of entrepreneur 

1) Risk Taking 

2) stress takers 

3) Ability to Mobilise 

4) Independence 

5) Leadership 

6) Innovative and Creative 

7) Flexibility 

Functions of an Entrepreneur 

1) Idea Generation:- first step is idea generation It can be generated by entrepreneur’s vision , Perception,experience,Observations, Education tools are used for idea generation.

2) Determination of Objectives:- the entrepreneur must specify few things in a clear manners:-

1) The business nature

2) The business type 

3) Fund Raising :- the two sources to raise funds that is internal and external sources.Entrepreneur must be aware of Formalities and guidelines to be followed for raising funds. Government assistance can be provided in form of fixed capital, seed capital and working capital. 

There are many government schemes also provided entrepreneur Such as (SGSY) ,PMRY ). (REGP) and so . There are also various financial assistance provided by banks and financial institutions.

4) Procurement of Raw material :- Entrepreneur must allocate economical and constant supply of Raw material. It helps to reduce their production cost and increases their Profit -margins against competitors.

5) Recruitment of Manpower :- Entrepreneur has to many function to following activities:-

1) Manpower Forecasting 

2) outlining of selection process 

3) formulating scheme of compensation 

4) Defining the rules of training and development 

Types of Entrepreneur 

1) According to Functional Characteristics 

- Innovative Entrepreneur 

- Adoptive Entrepreneur 

- Fabian Entrepreneur 

- Drone Entrepreneur 

2) According to the types of Business 

- Business Entrepreneur 

-Trading Entrepreneur 

- Industrial Entrepreneur 

-  Agriculture Entrepreneur 

- Service Entrepreneur 

3) According to Level of Motivation

1) Pure Entrepreneur 

2) Induced Entrepreneur 

4) According to the Capital Ownership 

1) Private Entrepreneur 

2) State Entrepreneur 

3) Joint Entrepreneur 

5) According to Area

-  Urban entrepreneur 

- Rural Entrepreneur 

6) According to Gender

- Men Entrepreneur 

- Women Entrepreneur 

7) According to Growth

- Growth Entrepreneur 

- Super Entrepreneur 

Limitations of entrepreneur 

1) No regular income 

2) huge risks 

3) Complications in life

4 involves stressful administration 

ENTREPRENEUR V/S MANAGER