Entrepreneurship as we know is the pivotal factor for new initiatives that give momentum and prosperity to our civilization. Entrepreneurs are those who perceive what others haven’t seen and act upon that perception.
Therefore, entrepreneurship performs multivariate functions in all the societies irrespective of their level of development. Peter Kilby (1971), Albert Shaparo (1984), John Burch (1986) and others have prescribed different functions of entrepreneurship or entrepreneur from which we can derive distinct but common functions of entrepreneurship.
They are discussed below:
1. Taking Initiative
Entrepreneurship is a pro-active activity that takes such actions, which others can’t even perceive. This unique function of entrepreneurship provides our civilization with a wide variety of products, ways of actions, production techniques etc.
Therefore, taking initiative with such end and qualification is the prime function of entrepreneurship in every economy.
2. Organizing Resources
Organizing entails identifying those resources that are required to transform a particular idea into reality. The resources include human and nonhuman resources. Organizing in entrepreneurship will increase productivity, promote new venture, distribute and supervise work and responsibility, and will remove barriers to work.
Entrepreneurship, thus, is the taping tool fur assuming indigenous skills and resources for productive purpose.
3. Identifying Opportunities and Prospects
Entrepreneurship searches those activities of value that have an economic and social contribution.
It identifies new opportunities in socio-economic arena which have got profitable prospects therefore, entrepreneurs are called as searchers of hopes into blind spots and this function enormously indebted our society to entrepreneurship.
4. Risk Taking
Entrepreneurship takes the risk for new venture. For innovative actions in the field of production technology for new products in a volatile market and for new raw materials used in production.
Moreover, is also takes the risk for theft, robbery, snatching market fall and hooliganism that may be involved with new entrepreneurship This is a major function of entrepreneurship :n developing countries like Bangladesh.
5. Decision Making
Entrepreneurship is a new initiative therefore, it has to take decision about multivariate issues that affect new ventures Entrepreneurship has to decide upon equipment to be used quality, price and its variation, deficiency, capital structure, feasibility of project, organizational structure, philosophy of management etc. that will guide, run and prosper the new venture or distinct attempt for entrepreneurship.
We know that decision-making is a process and entrepreneurship in order to make n a success, goes through this process.
6. Technology Transfer and Adaptation
Entrepreneurship throughout the world brings invented technology from different comers of the world and makes it appropriate by making required adjustments for local conditions.
This function of entrepreneurship involves with identifying appropriate technology with market potentials and adapts it into local environment.
Sometimes, technology uses indigenous materials that reduce cost and wastage of resources. This entrepreneurial function virtually makes the world united in terms of homogeneous technology.
Entrepreneurship innovates new production process or technology, market, sources of new materials, management, strafe*} or technique, investment opportunity etc. that Schumpeter (1934) calls as the fundamental characteristics of entrepreneurship.
Under the context of changed environment, entrepreneur locates the most feasible opportune for new venture as well as improved or distinct technology that gives competitive advantages or new opportunity to prosperity.
Innovation is a creative means to add new utilities to existing situations or products. Entrepreneurship through innovation creates innovative products or operations for the human society.
8. Fostering Autonomy
Entrepreneurship is an exposure of creative faculty that provides personal satisfaction and independence. The unique freedom to think differently is the impetus for entrepreneurship.
Thus, entrepreneurship Fosters autonomy so as to advent something new of value by the application of devoted efforts and time.
9. Social Responsibility
Entrepreneurship with its innovative technology, somehow promotes human efforts. It restarts closed industries with innovative managerial strategy and techniques. i( also motivates new entrepreneurs and attracts them to engage into entrepreneurial venture.
Entrepreneurship provides new products or ideas that give a momentum and diversity into the society.
Therefore, entrepreneurship performs social responsibility that protects welfare, benefit and economic gain of the society. It also promotes the community standard by providing jobs and amenities.
10. Public Relations
Entrepreneurship is a new venture that requires social acceptance by the regulatory bodies and public at large.
Government as well as the persons’ who will be subject of entrepreneurship would be convinced through public relations to accept and to allow the entrepreneur to execute entrepreneurial venture.
History tells that many entrepreneurs were disregarded, coerced and even eliminated for their entrepreneurial activities. Failure is costly and therefore, public relation is a significant function of entrepreneurship.
11. Experience Sharing
Entrepreneurship may spread in the society through publishing and sharing its success stories.
Thus, entrepreneurship holds workshops, industrial visits through which the entrepreneurial experience in different counties may be shared in order to wide spread adaptation of success. This function will benefit the economies of the countries as well as the world bodies,
12. Managerial Roles
Entrepreneurs perform several managerial roles to keep their venture functioning with success.
The roles are interpersonal roles that consists of figurehead role, leader role and liaison role; informational roles that includes recipient role, disseminator role and the spokesperson role; decisional roles that consists of entrepreneurial role, disturbance-handler role, resource allocator role and the negotiator role.
The entrepreneur also does the associated managerial functions such as planning, organizing, leading and controlling.
13. Balanced Economic Development
Sustainable economic development requires a balanced development among various regions and sectors of a country. Every country tries to ensure such a situation that makes industrialization throughout the country “possible.
Entrepreneurs make it possible through establishing business ventures in various parts of the country in various sectors of industry.