There are a lot of things that you use daily but do not know how to make it. For example, Toothbrush, Toothpaste and others just to start with. Thank the entrepreneurs who make these products for you. They are the ones who take care of each and every process before the product reaches you.
The word Entrepreneur has many different meanings. If you really wish to know what it exactly means, keep on reading this article.
An entrepreneur is a person who takes all the risks and responsibilities that are involved in a business before and while undertaking the business. The entrepreneur always wants to make a profit, irrespective of the size, scope, area, risks, etc. of the business.
The entrepreneur takes all the risks and hence, he must be rewarded with the profits. The business decisions relating to the selection of the product to make, the promotion of the product, the making of the product, the marketing of the product, etc. all has to be taken care of by the entrepreneur.
There is no one who can predict whether a business will be a success or a failure. If the business goes in profits, the businessman is the one who will get the maximum reward. But, if the business goes in a loss, he will have to bear all the losses.
Taking all the responsibilities and the risks involved in a business is not a thing that every individual will even like to do, forget taking the risk. The primary objective of an entrepreneur is to make profit irrespective of what the business is related to, irrespective of what is the size of the business, etc.
Huge profits can be earned only with large businesses, while small businesses will help you to earn small profits. To choose between a small and a large business will be the responsibility of the entrepreneur. He will see to it that the business diversifies and increases.
The entrepreneur is the person who decides on the product or service that the company is going to produce, furnish, market and promote. The entrepreneur decides this after making a careful analysis of the demands of the people and by taking a risk in the untouched areas. This will take a long time before the entrepreneur can finally decide which product or service to offer after the research.
Next comes the time to organize all the resources that are required for the making, marketing and advertising of the product or service. Many experts believe that the most important thing that an entrepreneur does is organizing the resources. All other functions can be carried out by many other people, but organizing of the resources is the function that differentiates the entrepreneur from the common man.
The entrepreneur has to invest a lot of capital in the business for the furniture’s, machines, staff, etc. The furniture and the machines will be the assets of the company.
Another important function that comes here is selecting a work force that will be loyal to his business. The success of the business depends on the loyalty of the work force. The labor should work as a unit in order to make the business successful. There should not be disputes between different sections of the company.
The success or the failure of the business solely depends upon the entrepreneur.