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What do Entrepreneurs do when they Run their Business?
Entrepreneurs manage their business operations, making strategic decisions to drive growth and profitability. They
also innovate, adapt to market changes, and solve problems to meet customer needs and demands. Some of the
actions of entrepreneurs are listed below:
• Fulfil Customer Needs: Demand means a product or service that people want. Entrepreneurs find out what
people want. Then, they use their creativity to come up with a business idea that will fulfil the changing demands
of the customers.
• Use Local Materials: Entrepreneurs utilise available materials and people around them in innovative ways,
combined with new technology, to create new products at a reasonable cost.
• Help Society: Entrepreneurs foster a beneficial relationship with society by generating profits through activities
that enhance societal well-being. Some entrepreneurs focus on environmental conservation, while others
contribute funds for building schools and hospitals, thereby improving the communities in which they live.
• Develop the Country: With the success of an entrepreneur the people connected to it all share the success and
thus helps in the overall development of the country.
How do You Think Entrepreneurs Effect the Society they Live in?
Entrepreneurs can positively impact society by driving economic growth, and introducing innovative solutions to
societal challenges. Their businesses often contribute to community development and inspire others to pursue
entrepreneurship. Some of their initiatives are explained below:
• Create Jobs: With the growth of a business, entrepreneurs look for more people to help them. They buy more
material, and from more people. They create jobs by hiring the skilled and unskilled labourers and help in
bridging the gap of unemployment.
• Sharing of Wealth: Wealth signifies having sufficient money to lead a comfortable life. As entrepreneurs expand
their businesses, the individuals working with them and in associated sectors also experience growth, providing
them better quality of life.
• Lower Price of Products: As more entrepreneurs sell the same product, the price of the product goes down.
With the increasing competition of the entrepreneurs in the market the products are available at low and
competitive price.
For example, with the increasing sale of mobile phones in India, the price reduced and now these are affordable
by everyone.
Qualities of an Entrepreneur
Quality is reflected in how a person acts or behaves. There are many qualities of a successful entrepreneur. Let us
study about some of them.
• Hard Working: A successful entrepreneur is always a hardworking person. They are consistently willing to put in
extra effort to ensure the success of their startup. They work with true dedication, knowing that their hard work
will benefit their business. They do not limit themselves by working only during regular hours, they work even
on holidays to ensure that their business can flourish.
• Optimistic: Entrepreneurs take risks in terms of time and money. They put their dreams into action so they need
to be optimistic to see the success of their dreams. Optimistic people tend to be more creative in their thinking.
It stimulates all kinds of creative ideas which will lead to new products, services, or businesses having a greater
chance of success. Sometimes, they even face so many problems and setbacks but still won't give up.
• Independent: An entrepreneur is someone who establishes new ventures through their own innovative ideas.
They thrive on working independently, making critical decisions for their venture. They take full responsibility
for the outcomes of their independent decisions. Freedom to work and take ownership is often cited as a key
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