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• Open-Minded: An entrepreneur should be open for all circumstances and suggestions for the betterment of
the business. He should be an opportunist who should always be ready in all circumstances to work for the
benefit of the business and its people.
• Flexible: An entrepreneur should be flexible to all circumstances. He should understand that all days are not
the same and all strategies don’t work, so he should be ready to adapt as per the situation for the benefit of the
business.
• Knows his Product: A good entrepreneur should know his product well. He should be aware of its market value
and demand, so that he can make an honest decision and work on its improvement areas.
Role of an Entrepreneur
These days people are interested in innovations and bringing a positive impact in our society. To be a successful
entrepreneur, certain roles need to be performed well. Let us discuss some of these important roles of an
entrepreneur:
Economic Development
Entrepreneurs bring economic development through efficient use of resources. With their innovative ideas in
business, entrepreneurs bring faster economic development. Some of the important roles of an entrepreneur in
economic development are:
• Mobilise revenue of the country.
• Increase national wealth.
• Help increase foreign exchange reserves of the country.
• Efficiently utilise of local human resources.
• Establish industries in backward and rural areas to bring balanced regional development.
• Increases production activity and utilise idle land and other natural resources.
Social Development
Entrepreneurs provide people with good quality products and services which inspires them to push the boundary
of social advancement. They initiate a positive change in the workplace and in the lives of the people associated
with them. They work and live for the better.
Entrepreneurial Skills-I 109

