Of the five main components of production – land, labor, capital,
organization, and entrepreneurship, the most important component is
entrepreneurship. An entrepreneur is the foundation of the modern industrial
era. An entrepreneur is the one who makes the other components useful.
According to Shelf Hurwitz – “As a person without a vision reaches nowhere, similarly economy and trade without an
entrepreneur comes to a standstill.
As
an Innovator
1. Introduction of a new product – First of all, an
entrepreneur introduces the consumer to a new product. Habitual to an old
product, a consumer always expects a new product range and new innovation from
an entrepreneur, and this important task can be done only by an entrepreneur.
2. Search of new markets
–After introducing the new product into the market, the entrepreneur performs
the master duty i.e. to search out new markets. By new markets is meant where
the product will be consumed. Once this is done the main objective of the
entrepreneur is to decide upon the type of the product keeping in mind the
interest and trends among that particular section of consumers and supply them
with products as per their choice. Thus as an innovator, he gifts new products
to society and new markets to the industries.
3. Search for new and the best
sources of raw material – Once it is decided to produce the new product
using new technology than first of all the supply of material of a different
sort has to be ensured. Thus an entrepreneur searches for a new and preferably a better source of raw material.
Creator
of job opportunities.
1. Establishing
new enterprises –After an entrepreneur determines his objectives, he starts
establishing new enterprises and with that employment automatically becomes
available for the people residing in the area.
2. Growth
and expansion of existing units –When the industrial unit starts to run as per
the entrepreneur’s expectations, he doesn’t stop but starts exploiting the
existing units to their maximum possible limit and would keep working for the
growth and expansion of these enterprises.
3. Revive
sick units –An entrepreneur also helps in reactivates those units which
have fallen sick or are on the verge of shutting down. Then entrepreneur
locates the cause behind the sickness of the unit and takes steps to remove it. An
entrepreneur revives such sick units and thereby generates new opportunities
for jobs.
There are so many other roles &
importance of an entrepreneur like the use of modern technology, complete the exploitation of resources, balanced growth, contribution in national growth,
inspirational representative, Creation of a self-reliant society, Social
responsibility, social satisfaction, etc.
