Page 100 - Computer - 10(A&B)

Serial Entrepreneur

A serial entrepreneur enjoys getting businesses started, and then sells the business to another person or company.
This type of entrepreneur is typically somebody who is excited about starting something new and taking risks.
Once the business is doing well, however, this entrepreneur wants to move on to another new and different
challenge.

Social Entrepreneur
The social entrepreneur combines social conscience with business. While the businesses may still be for profit,
there is typically a strong mission statement connecting the business with a social cause.

Role and Importance of an Entrepreneur
An entrepreneur builds economic growth and promotes the prosperity and wealth of a region. He takes
initiatives and has skills for innovation. He is a dynamic leader and takes risks easily. He creates wealth, opens
up employment opportunities for others, and has a conscience for performing social responsibility. Here are the
roles and importance of an entrepreneur:

Wealth Creation

By establishing the business entity, entrepreneurs invest their own resources and attract capital in the form
of debt, equity, etc. from investors, lenders, and the public. This mobilises public wealth and allows people to
benefit from the success of entrepreneurs and growing businesses. This kind of pooled capital that results in
wealth creation and distribution is one of the basic imperatives and goals of economic development.

Job Creation
Entrepreneurs are, by nature, job creators as opposed to job seekers. In other words, we can say that when you
become an entrepreneur, there is one less job seeker in the economy, and you provide employment for multiple
other job seekers. This kind of job creation by new and existing businesses is again one of the basic goals of
economic development. This is why the Government of India has launched initiatives such as Startup India to
promote and support new startups, and also the Make in India initiative to attract foreign companies and their
FDI into the Indian economy. All this creates job opportunities to help the economy.

Regional Development

Entrepreneurs setting up new businesses and industrial units help in regional development by locating in
less developed backward areas. The growth of industries and businesses in these areas leads to infrastructure
improvements like better roads and rail links, airports, stable electricity and water supply, schools, hospitals,
and other public and private services that would otherwise not be available.
Every new business that locates in a less developed area creates direct as well as indirect jobs, thus helping lift
regional economies in many different ways. Both central and state governments promote this kind of regional
development by providing various benefits and concessions to the registered MSME businesses.

Improving Standard of Living
Increase in the standard of living of people in a community is yet another key goal of economic development.
Entrepreneurs play a key role in increasing the standard of living in a community. They do this not just by
creating jobs, but also by developing and adopting innovations that lead to improvements in the quality of life
of their employees, customers, and other stakeholders in the community.

Visionary

An entrepreneur has a good vision and a direct goal that is his mission. He is a leader who inspires others. He
is able to recognise potentially profitable opportunities and turns them into profitable ventures. He becomes the
key force to successfully move the idea from the laboratory to the market place.

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