Functions of an Entrepreneur
- Making Decisions: An entrepreneur makes decisions every day. This includes what to produce or sell, how much and where to sell.
- Managing the Business: An entrepreneur plans the future of his or her business. He/she arranges for raw material, hires people for work, and tells everyone what to do and so on.
- Divide Income: The Entrepreneur divides the Business money to many groups. He/she spends money to buy material, pays rent of the building and salaries to people.
- Taking Risk: Risk is the chance of something going wrong. An entrepreneur takes risks against fires, lost items and theft, etc.
- Create a new Method, Idea or Product: An entrepreneur is always trying new things. He/she does this to increase their importance and income.
- Human Resource Management: Human Resource Management (HRM) refers to recruitment, employment, selection, training, development and compensation of the employees with an organization.