EDP Notes

Entrepreneur is a lead player in the drama of business. According to Kilbt, an entrepreneur has to
perform four groups of functions:
EXCHANGE RELATIONSHIP:
1) Perceiving market opportunities
2) Gaining command over scare resources.
3) Purchasing inputs.
4) Marketing of the products and responding to competition.
POLITICAL ADMINISTRATION:
1) Dealing with public bureaucracy (concession, licences and taxes)
2) Managing the human relation within the firm.
3) Managing customer and supplier relations.
MANAGEMENT CONTROL:
1) Managing finance.
2) Managing production.
TECHNOLOGY:
1) Acquiring and overseeing assembly of the factory.
2) Industrial engineering.
3) Upgrading process and product quality.
4) Introducing new products.
According to Arther H. Cole, an entrepreneur performs the following functions:
1) Determining the objectives of the enterprise and revising the objectives in the light of
changed circumstances.
2) Developing an organization including efficient relations with subordinates and all
employees.
3) Securing adequate finance.
4) The requisition of efficient technological equipment.
5) Developing a market for the products and devising new products to meet customers
demand.
6) Maintaining good relations with public authorities and with society.