Explain more about functional of Entrepreneurs

There has been a great deal of confusion and contradiction in literature on the functions of an entrepreneur. Classical economists considered entrepreneur as the owner of business enterprise to which he supplied capital. No distinction was made between an entrepreneur and the capitalist. But in modern approach corporate ownership is separated from control. Ownership of business lies with shareholders who bear risk but they do not exercise much control over the business activities. Control lies with a small group of insiders known as board of directors. The board of directors bears a little risk and receives a larger remuneration even when no dividend could be paid to the shareholders due to insufficiency of profits. Thus, the classical theory of enterprise fails in the modern corporate world.

Functions
1. Innovations – Entrepreneur is basically an innovator and he introduces something new in the economy.

2.Risk Taker – A Risk situation occurs when the entrepreneur is required to make a choice between two or more alternatives whose potential outcomes are not known and must be subjectivity evaluated. As a risk taker.

3. Decision maker – Entrepreneur as a decision maker and describes the following functions of an entrepreneur.

a. The determination of objectives of an enterprise and the change of those objectives as conditions required or made advantageous
b. The development of an organization including efficient relations with subordinates and all employees
c. Securing adequate financial resources, the relations with existing and potential investors

4. Organization and Management
The entrepreneur may or may not try new combinations or resources and is the final judge in the conduct of his business.
There few functions of organization and management.
a. Planning of an enterprise
b. Coordination, administration and control
c. Routine type of supervision

Difference between Entrepreneur and Intrapreneur

1. An entrepreneur is an independent person who starts his venture and bears full risk of his failure and enjoys the fruit of his success whereas intrapreneur is partially independent and is sponsored by the corporation in which he is working. He is also not liable to bear the losses in case of his failure.

2. An entrepreneur raises the finance from various source and also guarantees their return whereas an intrapreneur does not own the responsibility to raise the capital or to return it.

3. An entrepreneur has no relation with any organization whereas an intrapreneur operates within the organization where he is working.

What is Entrepreneur Growth?

The development of new venture has a greater change of success. The entrepreneurs a new and open field of business. The customers approval to the new products gives them psychological satisfaction and enormous profit. The industrial units are identified as units of high growth, medium and low growth industries.
1. Growth Entrepreneur
2. Super – Growth Entrepreneurs

Explain more about capital ownerships

Private Entrepreneur as an individual or a group of individuals set up an enterprise, arrange finance, bear the risk and adopt the latest techniques in the business with the intention to earn profits, he or the group is called as private entrepreneur or entrepreneurs.

State Entrepreneur as the name indicates, state entrepreneur means the trading or industrial venture undertaken by the state or the government itself.

Join Entrepreneur means the combination of private entrepreneur and state entrepreneur who join hands.

How can drone entrepreneurs

Drone Entrepreneurs are characterized by a refusal to adopt opportunities to make changes in production formulae even at the cost of severely reduced returns. They can suffer loss but are not ready to make changes in their existing production methods.

How can classifieds Fabian Entrepreneurs

Fabian Entrepreneurs are cautious and skeptical in experimenting change in their enterprises, such entrepreneurs are shy, lazy and lethargic. They are imitative by nature but are not determined and also lack power.

How can classified imitative Entrepreneurs

Imitative entrepreneur are characterized by readiness to adopt successful innovaties inaugurated by successful innovating entrepreneurs. Imitative entrepreneurs do not imitate the changes themselves, they one imitate techniques and technologies innovated by others.

How can Classified Innovating Entrepreneur

Classified Innovating Entrepreneur - Innovating entrepreneurs are aggressing and posses the art of smartly putting the attractive possibilities in to practice. An innovating entrepreneur is one who introduces new goods. Inaugurates new methods of production, discovers new market and re-organizes the enterprises. He arranges money, launches and enterprise, assemblies the various factors, chooses the competent managers and sets his enterprise go.

Functional and Scope of Productions Department

The Activities of production department of an organization are grouped into two broad categories.
1.The activities that convert the available capital to physical resource required for production
2.The activities that convert the physical resource in to sealable goods and services.

In carrying out the above activities, the production department must perform the following activities.

A.Production of goods at the right time and in sufficient quantity to meet the demand
B.Production of goods at minimum possible cost
C.Production of goods a acceptable quality

Thus, the functions of production personnel are :

- Forecasting the demand for the products and using the forecast to determine the requirement of various factors of production.
- Arranging for the procurement of required factors of production
- Arranging for the procurement of required factors of production.
- Arranging for the services such as maintenance, store keeping material handling inspection and quality control etc that would be required to attain the targeted level of production.
- Utilising effectively the factors of production and service factilities available to produce the products.

What are Intermediate Objectives?

Machinery and equipments - The objectives concerned to these areas in that the machine and equipment should be such that they should be able to produce the products as per the specification and accuracy required. The total cost of procurement and running cost should be minimum. Once the machines are procured and put.

Materials – The materials should be made available when required as per the specification and at the most economical price. The production department should aim at maximum utilization of the material with minimum wastage and scrap.

Manpower – Manpower is an important resource or input to production and the success of production depends to a greater degree upon the type of manpower an organization possesses. Thus, there should be a perfect between the workers & jobs and the manufacturing department climate should be such that the potential skills and energies of the workers should be channalised in to constructive outputs. The objectives are set with respect to productivity per worker labour turnover rate, safety and industrial relations etc.

Supporting service – This helps indirectly to achieve the others objectives and adequate provision of the services helps to utilize other inputs effectively. The achivevement of these objectives helps the company to satisfy the customer needs and increase the market share resulting in increased profitability.

What are Intermediate Objectives?

Machinery and equipments - The objectives concerned to these areas in that the machine and equipment should be such that they should be able to produce the products as per the specification and accuracy required. The total cost of procurement and running cost should be minimum. Once the machines are procured and put.
Materials – The materials should be made available when required as per the specification and at the most economical price. The production department should aim at maximum utilization of the material with minimum wastage and scrap.
Manpower – Manpower is an important resource or input to production and the success of production depends to a greater degree upon the type of manpower an organization possesses. Thus, there should be a perfect between the workers & jobs an dthe manufacturing department climate should be such that the potential skills and energies of the workers should be channalised in to constructive outputs. The objectives are set with respect to productivity per worker labour turnover rate, safety and industrial relations etc.
Supporting service – This helps indirectly to achieve the others objectives and adequate provision of the services helps to utilize other inputs effectively. The achivevement of these objectives helps the company to satisfy the customer needs and increase the market share resulting in increased profitability.

Objectives of Production management

Produce goods services or right and quantity at the predetermined time and pre established cost.

Production management are reflected in
1.Right quality
The Manufacturing department then translates these specifications in to measurable objectives. Thus the cost quality trade off decides the final quality of the products
2.Right Quantity
The Manufacturing organization should produce the products at the right number
3.Predetermined time
The Manufacturing department has to manufacture the products at the pre-established cost.
4.Pre Established Cost like manufacturing cost
There are many reasons like non-availability of materials at right time, absenteeism, machine break down etc..

How can Defined production

Production is defined as the step-by-step conversion of one form of material in to another form through chemical or mechanical process to create or enhance the utility of the products to the user.

How should increase Entrepreneur their own Decision Making knowledge

He must believe in himself and should be possessing ability to take decisions effectively. Decisions taken should be based on quantitative facts. Decisions which affect organizations and are likely to be irreversible must be taken with great care.
Entrepreneur strength has to take decisions without the assistance of quantitative data or experienced support staff, and then he has to be more creative than just a conventional manager. Such problems have to be seen from different angles and answers must be required in an innovative way. Decisions taken must improve the future profitability of the enterprise Entrepreneurs past experience, initiative decisions making ability, rational approach, and problem solving ability, creativity etc.. It will help him take quick and accurate decisions.

Here are some great tips to become a good decision maker.
1.Define the problem
2.Collect information and relevant date
3.Begin with a ‘brain storming’ session and discuss the problem with each other
4.Never criticize or reject any solutions suggested during the brain storming session
5.Encourage group members to come up with potential solutions.
6.Reduce the number of alternatives to three or four after discussion
7.Consider each alteranative extensively and determine the best to meet your needs
8.Implement decisions.

Highlighted characteristics of an entrepreneur

Entrepreneur must enjoy the quality of communication effectively in written and oral communications. Effect communication also means that both the sender and the receiver understand and are being understood.

Followings things are key point of an entrepreneur
Motivator
Self – Confidence
High Level Energy
Persistent Problem solver
Initiative
Goal Setter
Moderate Risk Taker