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• Making Decisions: Entrepreneurs make their own decisions. They have to decide on many things to steer their
business in the right direction. These decisions can be big or small and cover everything from what to sell and
how much to charge, whom to hire and how to spend money. Entrepreneurs need to be smart decision-makers
to make sure their business sails smoothly.
• Managing the Business: Managing the business well is crucial for its success and growth. This involves
overseeing day-to-day operations, handling resources like money and people, and making sure everything runs
smoothly. Entrepreneurs set goals, create plans, and organise the work to keep the business on track.
• Divide Income: Dividing income wisely is essential for the financial health and sustainability of the business.
Entrepreneurs need to figure out what to do with the money their business makes. Dividing income involves
making decisions about how to use the profits. They might reinvest some of it back into the business for things
like improvements or expansion. They also need to decide how much to save for the future and how much to
pay themselves.
• Taking Risk: It is the courage to take chances that can lead to innovation and business success. They're willing
to try new things, even if there's a chance it might not work out perfectly. Starting and running a business
always involves uncertainty, and entrepreneurs embrace that uncertainty by taking calculated risks. Whether it's
introducing a new product, entering a new market, or investing in a new technology.
• Creating a New Method, Idea or a Product: They use their creativity and vision to think differently and bring
something new to the table. Whether it's inventing a groundbreaking product, introducing an innovative service,
or finding a better way to do things.
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 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.
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