10 Important jobs of an entrepreneur to bring success to the enterprise
“A true entrepreneur is a doer, not a dreamer.” The quote by Nolan Bushnell gives a clear picture of the job of an entrepreneur. The major task of any entrepreneur is to bring coordination within the different functions and departments of an organization.
Gone are the days when the production and operations were managed by a single person very easily. But today, the scenario is very different. The various factors of production are managed by different individuals. To bring coordination among different processes and functions in an enterprise one powerful individual is required. This individual is known as an entrepreneur, who brings innovation, manages and bears all the risks of the business. He acts as a leader and an organizer at the same time. The job of an entrepreneurial leader includes managing a group of individuals to achieve organizational objectives through innovation, risk-taking, exploring opportunities, and maintaining an organizational environment. Here are 10 important job roles of an entrepreneur:
It is the most important and crucial job of an entrepreneur to bring new designs and techniques of production in the company. To innovate technological advancements and explore new market areas. He plays a significant role in bringing changes in the work process and the environment through brighter ideas.
Another job of an entrepreneur is to act as a coordinator. To bring coordination in the different activities of factors of production and hire them. To ensure they work to the best of their capabilities by following all the norms of production.
The major activity carried out to create awareness about any product or service is marketing. It’s the job of the entrepreneur to find out ways for promoting the demand for his product. By utilizing the various services of information technology, internet, social media channels and PR agencies, he should try to influence the marketing behaviour of all consumers.
- Market understanding
The dynamic changes in the tastes and preferences of consumers demand new consumer products and services in the market. An entrepreneur should always be aware of the changes in the consumption habits and needs of the consumers. He should focus on influencing the mind of the consumer producing unique commodities.
An entrepreneur is responsible for bearing the risks related to various activities within the organization. These include risk involving production, distribution, advertising etc. It’s his job to be ready for any future uncertainties. He should keep a track of all the unfavourable conditions prevailing in the markets and take measures to prevent risks and minimise losses. As the head of an enterprise, he must maintain a balance between enormous profits and unexpected losses.
- Value creator
Another major role played by an entrepreneur is to create value for the whole industry as well as the economy. His business ideas should be focused on the profitability of his firm and the industry. Due to his capability and calibre, new companies are established. His plans and policies help in the increase of wealth of the entire nation.
Entrepreneurs need to have good communication skills. It’s their job to motivate people to think of great business ideas and achieve common goals. They should encourage communication between different departments and levels. To avoid unnecessary conflicts and ambiguities they should communicate with clarity within the company.
One of the important traits of an entrepreneur is to be a visionary. Every successful entrepreneur has a vision for his company. He should be able to share this vision with his team and motivate them to work in that direction.
An entrepreneur is expected to support his team and go out of the way to provide all the support that the team needs to achieve organizational objectives. They should support the employees by analyzing the mistakes and giving them a solution to rectify them.
Being honest is another important quality of an entrepreneurial leader. If the leader of the company is honest with his employees, it’s easy to win their trust. Individuals who respect honest entrepreneurs are willing to accept changes in the company and also work harder.
Hence, the job of an entrepreneur is not just limited to planning, organizing or hiring but to motivate his team to perform better every day. Be a learner, motivator, encourage employees and provide them with creative solutions to every problem. He should take some time to understand their employees, talk to them and know about their challenges.
Therefore, an entrepreneur plays a dominant and significant role in production and management. The growth of the company depends on its dynamic leadership qualities and efficiency. An entrepreneur should be a risk-taker and courageous person. It’s their responsibility to help individuals to improve their knowledge, increase experience, and face difficult situations. The economic development of any country depends on the intelligence and skills of the dynamic entrepreneurs.