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UNIT-4
ENTREPRENEURIAL
SKILLS-II
An entrepreneur is a person who starts his/her own business in an innovative manner and bears all the risk in the
hope of gaining significant profit and contributing to the economy of the country. Anyone with a passion to fulfil his/
her dreams of converting his/her ideas to real business and dealing with all the risks can become an entrepreneur.
Entrepreneurship is a driving force of our modern global economy. It is an art of starting, surviving and growing a
business in a competitive market.
Entrepreneurs are all around us. Successful entrepreneurs have the following qualities:
• They are confident and have faith in their abilities.
• They continuously experiment with new ideas in their business.
• They exhibit patience.
• They are creative, approaching business ideas from unique perspectives.
• They own up to their actions.
• They make decisions thoughtfully.
• They are diligent workers.
• They persist despite facing challenges.
Entrepreneurs operate their business within a marketplace where individuals buy and sell products and services.
This exchange benefits everyone involved as it generates income for all participants. In this way, entrepreneurs
contribute to the growth of their community and society.
Entrepreneurship and Society
There are two ways in which a person can earn their livelihood i.e. wage employment and self-employment.
Wage employees are individuals who are employed by another person or organisation and receive compensation
for their work. For example, office employees, factory workers, retail staff, and professionals working for a
corporation or business.
A self-employed individual works for themselves rather than for an employer, earning income from their own
business or trade. They are responsible for managing their operations, finances, and work schedule independently. An
individual who constantly strives to improve their business by taking risks and exploring new ideas is an entrepreneur.
For example, freelancers, consultants, small business owners, artists, and independent professionals.
Entrepreneurs operate their businesses within a marketplace where individuals buy and sell products and services.
This exchange benefits everyone involved as it generates income for all participants. In this way, entrepreneurs
contribute to the growth of their community and society. In the market, people buy products and services created
by an entrepreneur. The money which an entrepreneur gets is used to buy raw material, pay salaries and invest in the
business. This process of money circulation is helping all in the society. Society and entrepreneurship are intricately
connected, each influencing and shaping the other in significant ways.
70 Artificial Intelligence Play (Ver 1.0)-X

