Perceiving market opportunities is what type of role and function of…

The correct answer is option 1- Developing Exchange Relationships.

Perceiving market opportunities is the Developing Exchange Relationships type of role and function of the Entrepreneur in relation to the Enterprise.

 

Roles and Functions of the Entrepreneur in relation the Enterprise

Developing Exchange Relationships

• 1. Perceiving market opportunities
• 2. Gaining command over scarce resources
• 3. Purchasing inputs
• 4. Marketing of Products and responding to competition

Political Administration

• 5. Dealing with public bureaucracy (approvals, concessions, taxes)
• 6. Managing human relations within the firm
• 7. Managing customer and supplier relations.

Management Control

• 8. Managing finance
• 9. Managing production

Technology

• 10. Acquiring and overseeing assembly of the factory
• 11. Industrial engineering (minimising inputs with a given production process)
• 12. Upgrading the production process and product quality
• 13. Introducing new production techniques and products.

 

Note: The scope of the entrepreneurial functions varies with the level of economy in which the entrepreneur operates; scale of production/operations; and entrepreneurs’ comparative efficiency in utilising managerial employees. In developed countries, entrepreneurship assumes upon themselves the responsibility of introducing innovations and after some time, pave way for the managers. In large-scale organisations, entrepreneurs provide leadership and there is a team of managers to look after specific aspects of enterprise. Likewise, those entrepreneurs who have the ability and willingness to delegate may concentrate on a select few, strategic aspects of enterprise. In terms of the process of setting up a business, therefore, an entrepreneur is on the look out for and spots the business opportunity, assesses its value, develops it in the form of a product/service idea, assembles he resources and gets going.