Page 109 - AI Ver 3.0 class 10_Flipbook
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•  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 rising from 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 can be 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.




                              Brainy Fact


                      India currently houses the world's third largest startup ecosystem, with 38 firms being valued at over $1
                      billion.



                         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 is 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 tested on animals, they are chemical free
                   that do not contribute to the pollution of the environment, pesticide free, and eco-friendly and do not support
                   child labour.





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