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4.6. IMPORTANCE OF ENTREPRENEURS


        An entrepreneur does the maximum utilisation of resources for the production and management of his business
        which plays an important role in the development of any country. The importance of an entrepreneur for the
        development of the country are listed below:
           • Free Market Evolution: Free market is a place where the production of a product is controlled by the demand
          and supply of a product. Entrepreneurs are important in a free market as they create a demand for the existing
          products in an innovative way matching with the consumer preferences.
           • Efficiency Improvements: An entrepreneur boosts up the country’s economy by providing new ventures with
          improved infrastructure, jobs to the people, and good quality products with the implementation of new updated
          technologies. All this helps in improving the standard of living of the people in the society.
           • New Markets: An entrepreneur brings new and innovative ideas to his business to create a new demand for
          his products that helps in creating a new market. UBER company owners provided taxi services in a new way of
          hiring people with cars and then serving to the people in need through a common platform. All this created a
          new market of taxi booking through online platforms.

           • New Values: Many of the entrepreneurs provide new values by creating or promoting ethical products that help
          in the welfare of a society. They bring awareness like products are not testing on animals, they are chemical free
          that do not contribute to the pollution of the environment, pesticide free and ecofriendly and do not support
          child labour.


        4.7. MYTHS/MISCONCEPTIONS ABOUT ENTREPRENEURSHIP

        Following are some of the myths/misconceptions about entrepreneurship:
           • Entrepreneurs are born not made:  Entrepreneurship is a  learned  skill, not  a  natural-born ability.  It takes
          immense dedication, discipline, and hard work to become a successful entrepreneur. It involves creating unique
          business ideas followed by launching and running a new venture.
           • All entrepreneurs have great ideas: It is not always a new idea that
          makes you an entrepreneur. You can take an existing idea and make
          your own business out of it. Only it needs a potential idea and a proper
          execution to become reality.
           • The only requirement is a good idea: Only a good idea is not enough
          to make you a successful entrepreneur. You need resources, capital, a
          good market to sell your products, things in your favour to make the
          business happen the way you want.
           • Businesses either flourishes or fails: A venture is not always a success or a failure. You may have a venture
          which is able to sustain itself well in the market. You may be facing no loss and no gain for a long time or
          sometimes you have little growth and you sustain for years in the market. There’s a lot of patience and strategy
          required to run it in a mode where it maintains its dignity in the market.
           • Entrepreneurs take lots of risks: Entrepreneurs do not always take lots of risks or put their business in high-risk
          situations. Instead, they know very well how to take calculated risks.
           • One must know everything and have a good degree before starting a business: An entrepreneur learns from
          his mistakes. He thinks twice before he does any action. He uses a hit and trial method to succeed in his venture.
          Knowledge of everything or a good educational degree will never be a criterion to be a successful entrepreneur.
          Instead, they are always on the road of learning and put in their best efforts to prove their entrepreneur skills.

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