Page 82 - Ai_V1.0_Class9
P. 82

Role of an Entrepreneurship

              Entrepreneurship plays a crucial role in both social and economic development, contributing to job creation,
              innovation, and the overall well-being of communities. Countries which encourage entrepreneurship have grown fast.

              Let us discuss the social and economic role of an entrepreneurship in detail:
                 • Economic Development—Money in Circulation: An entrepreneur provides better and cheaper products and
                services for customers that brings economic growth. As entrepreneurs grow their business, investors put money
                into their businesses and expect good returns. As more and more entrepreneurs create business opportunities,
                the economy grows.
                 • Social Development—Creation of Jobs: An entrepreneur starts their business initially on a small scale. If the
                business shows some profits and grows over time, then an entrepreneur needs to expand operations, creating
                more jobs. Good quality jobs enable more people to earn money and have a good life.
                 •  Improved Standard of Living—More things available to live a comfortable life: When an entrepreneur is
                involved in selling goods like automobiles, furnitures, real estates, mobile phones and mobile service then it
                helps people to live a more comfortable life.
                 • Optimal Use of Resources: Entrepreneurs contribute a lot in different ways in exploring both renewable and
                non-renewable natural resources present around us so that these natural resources can be used in optimal ways
                that reduces costs and increases their profits.
                 • More Benefits at Lower Prices Products and Services at Competitive Prices: Entrepreneurship plays a crucial
                role in providing more benefits at lower and competitive prices by driving market competition, increasing
                innovation, and keeping costs low, ultimately benefiting consumers and contributing to economic growth and
                development.


              Benefits of Entrepreneurship
              The various benefits of entrepreneurship include the following:

                 • Do what you are interested in: Entrepreneurship helps the entrepreneurs to pursue their passions and interests,
                allowing for greater creativity and innovation in their work.

                 • Work for yourself, and not for others: Entrepreneurship provides the freedom to design work hours, select
                projects, and work from any place. Entrepreneurs can decide the kind of work they would like to do and how
                they want to do it.
                 • Make profits for yourself: As an entrepreneur, one can decide how much money they want to earn and
                how much they want to invest in the business. They decide on the salary, wages and incentives of the
                employees.
                 •  More risk, more profit: Entrepreneurship involves the risk of failure, but successful entrepreneurs are often
                courageous and ready to take risks. Taking risks can lead to greater financial success, as it allows entrepreneurs
                access to more resources.


                       Difference between Businessman and Entrepreneur

              It is generally assumed that an entrepreneur and a businessman are the same people but both of them have a
              different approach for their business. A businessman uses traditional ways of doing business but an entrepreneur
              goes for innovative ways of doing a business.




                    80      Artificial Intelligence Play (Ver 1.0)-IX
   77   78   79   80   81   82   83   84   85   86   87