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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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