Every business is always an independent entity from its founder.
No business no matter how small it is ever runs itself on its own steam.
Every business is run by persons known as entrepreneurs.
To run a business successfully, besides standing up as the human face of the business, the entrepreneur must do very many vital functions which the business needs to make progress.
These functions are many and varied but these 6 functions are about the most vital to the success of any business.
01.
Planning: The entrepreneur is the main organizer of a business.
It is she who must conceive the idea and put the plan in place to launch the business.
The structure of the business and the services which the business needs are also well planned in advance by the entrepreneur.
Creation of new markets, discovery of new and better sources of raw materials and what will be involved are well documented by the entrepreneur at the planning stage.
02.
Risk-taking: The entrepreneur is the major risk-taker and risk-bearer in any business.
She bears the consequences of whatever decisions she takes or fails to take.
She it is who must face all uncertainties and must bear all other risks against which insurance is not possible.
She also faces the risk of aggressive producers working to upstage her business.
She bears the greatest risk of total failure of the business if it fails for whatever unforeseen reason(s).
03.
Sales: The entrepreneur is the chief salesperson in any business.
As a matter of fact, you can not be an effective entrepreneur if you are unable to sell.
Selling and negotiation are very vital entrepreneurial functions.
That is why it is the entrepreneur who is largely responsible for marketing, advertising and the total promotion of her business.
04.
Decision-making: It is the responsibility of the entrepreneur to take all major decisions about her business.
As the main decision-maker, the entrepreneur must regularly take various decisions on crucial issues as, determining the aims of the business enterprise, procurement of machinery, materials/supplies, recruitment of workers, acquisition of efficient technology/equipment and the development of relevant markets for her products.
05.
Management: The entrepreneur is responsible for the day-to-day management of her business.
It is she who must drive the business in whatever direction she wants it to go.
Cost-cutting and efficient use of men and materials are also the responsibilities of the entrepreneur.
Smooth/efficient productions and debt management which ultimately lead to profit maximization fall under the purview of the entrepreneur.
06.
Scale of Production: The entrepreneur must decide the scale of her business according to the resources available to her.
These resources include the capital outlay for the business.
It is she who must take the decision on what, where and how to produce goods for her customers.
There is no doubt you will agree that these functions are very crucial to the success or failure of any business.
That is the reason every entrepreneur who has resolved to run a business must as a matter of responsibility take on these functions with all seriousness.
If you are not ready to do these functions, it simply means you can not be a successful entrepreneur.
You therefore can not pretend to be.