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ENTREPRENEURIAL SKILLS-IV 4
Who are the entrepreneurs? As we have studied in our earlier classes, entrepreneurs are people who
are innovative and creative. They generate business opportunities by providing groundbreaking solutions
to society and the world at large. The initial stages of business are not smooth, as we all know; it has
to go through a lot of ups and downs. Therefore, entrepreneurs have to take calculated risks to build
their businesses, which requires skills and effort. Mostly, the business ideas of entrepreneurs are new and
innovative. This could be a challenge for them as to how society would react to it. As a result, it may take
longer for people to become acquainted with the entrepreneur’s particular business idea. Now let us see
what entrepreneurship is.
Business
Innovation
Knowledge
Entrepreneur
! Risk
Tolerance
Team Assertiveness
Leadership
Entrepreneurship is the process of turning a dreamed-up business idea into a reality and owning it. This
process requires entrepreneurial skills and knowledge. Knowledge can be gained by doing research and
conducting various surveys. These help in analysing the market trends and market potential for the products.
Entrepreneurship requires enhancing skills and knowledge to start a business or to expand it.
Entrepreneurship mostly focuses on the individual. To become a good entrepreneur, an individual can
go through systematic training in different institutions or enrol in different courses or programmes to
update their skillsets. Aspiring entrepreneurs must be encouraged and motivated so that they become
role models for society and mentor their communities. Entrepreneurship programmes should be designed
in such a way that participants become capable of recognising and developing innovative and unique
business ideas. They would be able to identify the pitfalls of starting a business and how to minimise
them. Some of the Indian Government schemes that have been launched to encourage entrepreneurs are
Startup India Initiative, SAMRIDH scheme, Pradhan Mantri Mudra Yojna, etc. and many more.
The National Institute for Entrepreneurship and Small Business Development is a premier organisation
under the Ministry of Skill Development and Entrepreneurship, Government of India, that is engaged in
training and giving consultation to young people to promote entrepreneurship skills among them.
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