Page 91 - Data Science class 10
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• Marketing: It is the flow of the product or service from the hands of the producer into the hands of the
end customer or user. An entrepreneur has to take care that marketing should be given an importance in
highlighting the company’s greatest strengths with greater emphasis on their product's value to the customer.
It is an important tool that can be used efficiently by newly launched companies to define their image in the
minds of consumers.
• Human Resource Management: It refers to selection, recruitment, training, development and compensation of
the employees in an organisation. It takes care of the staff activities and the expectations so that the organisation
effectively uses the manpower to accomplish its mission and goals.
Activity 1
Answer the following questions:
1. Explain the term entrepreneur.
2. What is the quality of a successful entrepreneur?
3. Explain the following quality of a entrepreneur:
a. Hard Working b. Self-Confident
4.5. ROLE OF AN ENTREPRENEUR
In order to become successful, an entrepreneur needs to perform different
roles. The following are the roles of an entrepreneur:
• Innovator’s Role: An entrepreneurship is about new and creative ideas
converted into a real world of business which is beneficial both for
the entrepreneur in making profits and for the customer in getting a
new product in the market. All those once was just an idea but only
entrepreneurs brought those ideas to life.
• Agent’s Role: Entrepreneurs are considered as ‘Agents of Change’. They look for opportunities that help
in converting their dream or passion into reality by initiating and creating a business and converting all the
challenges faced into a new successful product. This product creates a new market and helps in raising the
standards of the community and contribute to the overall development of the economy.
• Risk Assumption Role: An entrepreneur assumes all possible risks of business which emerges due unstable
market conditions, change in the customers preferences, new emerging technologies in the production, change
in environmental factors and fluctuations in the profits.
• Capital Formation Role: Setting up an enterprise needs investment. This investment is taken from personal
savings, loans, shares etc. The money is utilised in the capital formation like developing infrastructure in the
nearby area, developing the network and transport facilities. All these efforts help in the company trade and
capital formation of the country.
• Employment Generation Role: Entrepreneurs generate employment for both skilled and unskilled labourers by
setting up large- and small-scale businesses. This leads to the reduction in unemployment levels in the country.
India currently houses the world's third largest startup ecosystem, with 38 firms being valued at over $1 billion.
Entrepreneurial Skills-II 89

