A list of some of the major responsibilities an entrepreneur undertakes on daily basis

Unlike popular belief, entrepreneurs have the hardest jobs in the world. After all to start something from scratch and then building it block by block is not an easy task. It requires a strong work ethic, a go-getter attitude and a lot of commitment.

Entrepreneurs wear various hats at the same time and juggle between numerous roles and responsibilities. Some of the most common responsibilities of an entrepreneur are listed below.

Be a leader

An entrepreneur has to assume the role of a leader. At every point in time, you have to be the first one to take the action, to motivate your team in the time of crisis, to make the hard decisions for the betterment of company. Being a leader doesn’t mean that you go on about dictating everyone and assigning the responsibilities to them. You have to remember that, everyone else is going to take only as much interest as you, in developing your project.

Be accountable

You have to be accountable for everything that is happening in your company. Everything from maintaining the finances and accounts to simple admin operations is your responsibility. And by this, I don’t mean that you should run around your office like a maniac and try to do everything by yourself. No, but hiring, training and motivating your staff, to perform all these tasks, is your responsibility.

Be the figurehead

Being a figurehead is different from being a leader. Assuming a leadership role is intrinsic in character, which means that you act as a leader for your employees. But people outside your company are going to associate your company with your name, which makes you a figurehead for your business. Your business is going to be only as credible as you are. People will view your brand/business in the light of your personality. Therefore, it is absolutely imperative that you make a good impression on your consumers.

Be the decision-maker

You probably have heard that with great power comes great responsibility. Since you are the owner of the business, therefore it is you who will be making the final decisions about everything. The success of your business greatly depends on the decisions you take in difficult times. And your responsibility doesn’t finish with making the decisions; you also have to deal with the consequences afterwards.

Entrepreneurs shape the future of an economy and their business can greatly impact the lives of other people. In addition to being responsible for the operations of your business, you should also take the responsibility of the impact your business is having on the society.

MBA students often turn to the job market after getting their degree. However, the best option for them is to think about their business.

Congratulations, you finally have an MBA degree. Big moment in your life, isn’t it? So what is the way forward form here? Do you plan to find a job just like everyone out there, or are you going to unleash your creativity and pitch out your idea? So many options to take, but which one is the right choice? Entrepreneurship! Here is how your MBA can be a help on the journey ahead.


Leadership may apparently be about communicating effectively and doing what you are best at. It is, but not all of it. You have to focus on your weaknesses too, and improve them as well so that you can become a better leader. Identify your weaknesses and then make efforts to rectify them. The next time they affect you in any way, you will at least be able to come up with a corrective strategy. This is one thing your MBA studies will definitely teach you for sure.

Operations Management

Does a workflow or supply chain seem complicated to you? Maybe they are, but your MBA degree will make you go through the essential concepts of all business aspects. And while at it, you will be also be taught about managing your business more smartly and effectively. Not to forget, you will learn to quickly pinpoint anything that is incorrect or wrong in the process, and then accordingly, make adjustments.


You will learn so much about compensation in your accounting classes. And along with this, you will come across the concept of entrepreneurial gap, which exists when a person has to account for more than what they control. Ideally, as a person, you should reach beyond the control span.

And which of these people should you bring on board? Well, you should definitely hire smart people, but then you should also provide them with an entrepreneurial gap, and give them incentives that work well for both them and you.


So you have everything set, you know what your product is and how you will develop it. Time to decide how much you will sell it for. And this decision is going to be a lot easier if you have an MBA degree.

During your MBA program, you will learn about cost and value based pricing. If you opt for the former of these, you add an amount to the total costs you incur on making the product or offering a service. The final number is the price that you set. With value based pricing, you consider both the costs incurred at your end, and the costs that will be reduced for your clients when you offer them the product or service. The final price is somewhere between these two numbers.

Entrepreneurship, Leadership

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Leadership means being able to lead people. It means having the ability to change the way things are done. Followers are nothing without a leader, true, but a leader is nothing without followers either. One cannot be a captain without a ship or a king without a throne. Similarly, one cannot be a leader unless they have loyal followers.

A lot of people complain about loyalty in the business world. They say that the people who work under them are ungrateful or undependable. They talk about how the people under them often go missing without a notice or leave for another job after they have spent valuable time training them.

Do you know what all the people who complain about these things are missing? Loyal followers. We need to understand what loyalty is and what we keep getting wrong about loyalty.

A true leader has loyal followers. Sadly, there are many misconceptions among business leaders which prevent them from cultivating loyalty.

Understanding Loyalty and it’s link to selfishness

Leadership Loyalty Hope

A lot of people think that loyalty means not being selfish and instead doing what the leader says.

This couldn’t be farther from the truth. Loyalty is not the lack of selfishness; it is the harnessing of selfishness. People aren’t loyal to you because they are willing to sacrifice their own progress for you. 

People are loyal to you because they believe that you are going to do things better for them than they would be able to do on their own.

Loyal people are selfish too – but they are selfish people who truly believe that you have their betterment in your mind and that the decisions you take will be good for them. That is why they follow the leader – not because they are sycophants who need to be told what to do, but because they believe that the leader is intelligent enough that they will make the best decisions for everyone.

We need to decouple business leadership from military leadership

LeadershipRead business leadership books, watch leadership talks, or listen to leadership lectures, and you will notice a lot of military stories and examples. People will talk about how the military leaders led the soldiers to victory and how there is a lesson in there for all of us. The reality is that there is no lesson for business leadership in military leadership. Militaries are full of people who love the country and have agreed to do whatever it takes to protect the country. They are willing to risk their lives in foreign lands to ensure no one can touch their homeland.

Business leaders, on the other hand, are trying to order around people who just want to make enough money so they have food and they can buy nicer clothes. Unless your company has employees that are willing to die for the company military leadership is not an ideal example to follow. Many managers get frustrated about ‘disobedience’ or ‘disloyalty’ from their followers. Understand that this isn’t an army and you are not leading a charge against the enemy. People aren’t going to be loyal to you just because you say so.

Instead, you need to give them a reason to be loyal to you. Stand up for them and look out for them. No person will follow you if they think you do not care about them. True business leaders are those who are followed by people who trust the knowledge and experience of the leaders. You need to inspire a vision in your people if you want them to be loyal. More importantly – they need to be rewarded. You need to actually care about people if you want them to follow you wherever need.



There has been a lot of talk about how the current generation that just entered the workplace is not hard-working enough. A lot of downright scathing articles can be found in business magazines and websites that disparage millennials and talk about their shortcomings. The one complaint that a lot of leaders these days echo is that the millennial generation thinks of themselves as entitled and does not expect to put in as much of an effort as they themselves did. This is causing a lot of leadership issues.

The reality is that millennials aren’t too different from any other generation that has entered the workplace. The millennials are not entitled. They do not ask for too much. They are actually one of the most open minded and tolerant generations we have ever seen. Millennials aren’t the problem – the environment they grew up in is the problem. Good leadership requires and understanding of the motivation of the people working under the leader thus it is essential for business leaders to understand what makes millennials tick.

Millennials do not have financial security

Here’s the biggest reason that so many leaders think that millennials are entitled: they have no idea how vulnerable millennials are. They are one of the most disadvantages generations since the great depression ended. 

A lot of people who are business leaders these days started their careers out in the 70s, 80,s or the 90s. What people do not understand is that it was a booming time for business and one of the best times for the middle class in the developed world.


It was possible for a person flipping burgers to buy a car and start paying off their student loans. Someone flipping burgers today can barely pay their bills. It was possible to have an entry level job and afford a house in the suburbs. Entry level workers nowadays cannot even afford rent – many of them end up living with roommates simply because their entry level jobs cannot cover their expenses. 

More young people are living with their parents now than ever before simply because they cannot afford to move out even with jobs.

Millennials do not believe in the system

The lack of financial security means they do not believe in the system. A hardworking fast food employee could buy a car or pay their college tuition. People used to work hard not because the previous generations had hard-work in their genes, but because they knew they would get something out of it. They knew that if they flipped burgers for a year they will be able to save a little money. They knew that if they stuck in the job for a year or two they will easily be able to afford a house and raise a family.

Millennials do not believe in the systemThe current generation has no carrot in front of it; it only has a stick behind it. It doesn’t have a carrot in front of it because they are barely scraping by. They don’t really see many job prospects and are worried about their futures. You cannot expect someone in such a situation to be chirpy and motivated about a stupid job. 

We did not have problems with ‘stupid mindless’ jobs because while the jobs were stupid the pay wasn’t. Nowadays millennials look for jobs that offer them validation and self-worth because they know they won’t be able to get by on just the little amount of money they make.

Leadership for the current generation means making the current generation believe in their being a carrot in front of them. It means outlining clear career progression paths and explaining how they can grow in the company. If you cannot seem to connect with the millennials, you need to start taking their problems seriously.