Innovation is one of the most important functions of an entrepreneur. An entrepreneur uses information, knowledge and intuition to create new products, new methods to reduce the costs of a product, improve the design or function of a product, discover new markets or new ways of organizing the industry. Through innovation, an entrepreneur converts material into a resource or combines existing resources in new, more productive configurations. The basic function of an entrepreneur is to innovate new products, services, ideas and information for the company. As an innovator, the entrepreneur foresees the potentially profitable opportunity and tries to exploit it.
He's always involved in the process of doing new things. According to Peter Drucker, “Innovation is the means by which the entrepreneur creates new resources that generate wealth or provides existing resources with greater potential for wealth creation. Whenever a new idea is presented, business efforts are essential to turn the idea into a practical application. Dividing production into different parts and entrusting them to different workers is also the job of an entrepreneur.
The decision-making function is, perhaps, the heart of the business function because it involves planning and developing business strategies, initiating internal changes, allocating the organization's resources, and negotiating and managing non-routine events. An entrepreneur performs a series of necessary functions from the genesis of an idea to the creation and effective operation of a company. It also performs the basic management functions of planning, organization, coordination, staffing, direction, motivation and control in the company. Palmer (197) suggested that the business function mainly involves measuring and taking risks.
Therefore, taking the initiative to that end and that qualification is the main function of entrepreneurship in all economies. Therefore, taking risks or assuming uncertainty remains the most important function of an entrepreneur, who tries to minimize with his initiative, skill and good judgment. In large establishments, these managerial functions of the entrepreneur are delegated to paid managers for more effective and efficient execution. One of the main functions of the entrepreneur is to coordinate the different factors of production in appropriate combinations, so that the cost of production is reduced to a minimum.
Therefore, the entrepreneur must be adept at performing this critical role of writing a compelling and viable business plan. If the factors of production continue to be dissatisfied, they will not be able to offer the entrepreneur their best. It provides a logical and scientific basis for the previous functions for the proper functioning of the company, thus avoiding chaos in the field of production, marketing, purchasing, hiring and selection, etc. This function of entrepreneurship consists of identifying the right technology with market potential and adapting it to the local environment.
The four functions of an entrepreneur are: innovation &, creativity, risk-taking and achievement, organization% 26% management and other functions.
