What is my role as an entrepreneur;? In order to perform my functions effectively and operate a successful business, as an entrepreneur you have to perform certain roles. These roles are the same as the basic managerial roles which are identified by Henry. They are as follows:
Figure Head Role: The entrepreneur has to act as figure head in the organization, as such; he/she has to perform ceremonial duties. This is done by representing the organization in formal and informal functions.
Leader Role: The entrepreneur has to act as a leader because the entrepreneur is the one who brings other people together in order to create the business. Thus, he/she has to lead the people in the organization by hiring, firing, training and motivating them.
Liaison Role: The entrepreneur has to act as the link between the business and the parties outside the business.
Monitor Role: The entrepreneur acts as a monitor; he monitors both the internal and the external environment of the business constantly.
Information Disseminator Role: The entrepreneur has to act as the organizational representative and transmit information both within and outside the business.
Spokesman Role: The manager has to act as the spokesman of the business; he/she is the person for the business both inside and outside.
Entrepreneurial Role: This is the basic role of the entrepreneur; he/she launches new ideas for the business and bears the risk.
Disturbance Handler: The entrepreneur also acts as arbitrator in situations of conflict so as to maintain organizational harmony.
Resource Allocator: The entrepreneur decides on how the scarce resources of the business are allocated among its competing ends so as to achieve organizational goals and objectives.
Negotiator Role: The entrepreneur has to negotiate on behalf of the business both with the other categories of labour and other outside sources.
Social Roles of Entrepreneur
- Transformation of traditional indigenous industry into a modern
- Stimulation of indigenous
- Job or employment creation in the community.
- Provision of social welfare service of redistributing wealth and
Economic Roles of Entrepreneur
- Bearing the ultimate risk of
- Mobilizing savings necessary for the
- Providing channel for the disposal of economic
- Utilizing local raw materials and human
Technological Roles of Entrepreneur
- Stimulation of indigenous technology in the production
- Adapting traditional technology to modern
- Adapting imported technology to local
- Developing technological competence in self and the workforce through innovation.