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4 4 Entrepreneurial Skills–II
Entrepreneurial Skills–II

u Entrepreneurship and Society u Role and Importance of an Entrepreneur
u Qualities of an Entrepreneur u Myths about Entrepreneurship
u Functions of an Entrepreneur u Entrepreneurship as a Career Option

An entrepreneur is an individual who, rather than working as an employee, creates and runs a small business,
accepting all the risks and rewards of the venture. The entrepreneur is commonly seen as an innovator, a source
of new ideas, goods, services and business.
Entrepreneurs play a key role in any economy. These are the people who have the skills and initiative necessary
to anticipate current and future needs and bring good new ideas to market. Entrepreneurs who prove to be
successful in taking on the risks of starting a new company and are rewarded with profit, fame and continued
growth opportunities.

In other words, an entrepreneur is a business person who is self-employed and sets up a business taking on
calculated financial risks in the hope of profit. An entrepreneur brings in a new idea to start a business.

ENTREPRENEURSHIP AND SOCIETY

Entrepreneurship is the process of discovering an opportunity, mobilizing resources, launching an enterprise to
use the opportunity. Business and entrepreneurship are complementary to each other and cannot be separated.
A business is established in a society for the welfare of the people.An entrepreneur accelerates the economic
growth of a society. Entrepreneurship is all about wealth creation for the entrepreneur and for the people that
are employed by the venture. As a result, the economy of the local area where the entrepreneurial venture is
based is developed. It also creates wealth for the government in the form of taxation which is then redistributed
accordingly to the services and communities in the society that need it the most.
Entrepreneurship fosters creativity. An entrepreneur will always come up with creative ways to better the
existing technologies such that they result in the production of fairly affordable products for all members of the
community. Entrepreneurs do the following:

Fulfil Customer Needs

A product or service that people want is referred to as demand.
Entrepreneurs discover what people desire. Then, using their imagination, they devise a business plan to meet
that demand.
Use Local Materials

Entrepreneurs use the material and people available around them, to make products at low cost.
Help Society

Entrepreneurs have a good impact on society. They gain money by doing things that help society. Some business
people seek to protect environment, while others donate funds to create schools and hospitals. As a result, the
individuals and the environment around them improve.

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