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4.4.4 Need to Influence
An entrepreneur believes that his ideas can revolutionise the world and can influence people and their lives. For the
majority of business founders, it has been observed that their ideas have impacted the world and have also completely
changed the lifestyles of many people.
Generally, a wage employee is someone who is paid for service delivery or working for a company. A self-employed
individual is an entrepreneur who develops a business opportunity by taking risks and exploring new ideas.
Let us read a story about a young entrepreneur named Nina.
Nina always had a passion for baking. But due to financial problems, she could not pursue a course and specialisation
in baking. But she kept her hopes high. Since she had a passion for baking, she joined her friend’s uncle’s bakery near
her house for an internship. As she was pursuing her internship, she learnt a lot of things in baking with hands-on
experience. After finishing her internship, she began her little bakery shop from home. She could finally manage to
collect enough capital for her own dream bakery. Later, Nina began her own bakery, “Nina’s Sweet Little Bakery.” She
introduced many different flavours and designs of her cakes and also launched her own baking institute for those who
wanted to pursue baking as their dream career.
Students, this is not just a story about Nina. We can learn many things from her life story.
1. Nina was previously a wage-employed person when she was working as an intern at her friend’s uncle’s bakery.
2. When she began her own bakery, she became self-employed. She was an entrepreneur. She took risks to begin
her own bakery.
3. Nina’s story is inspiring. We learn from her story that everything is possible for the one who believes.
4.4.5 Identifying Opportunities and Taking Risks
One of the first questions that any entrepreneur encounters while embarking on their entrepreneurial path is
determining which firm to start. Is it worthwhile to start a business? Will it accomplish the goal? Should they continue
on this path or take a different one?
In order to identify and evaluate their business opportunities, potential, and risks, aspiring entrepreneurs must follow
a few steps. They are as follows:
Ð Ðcommunity concerns: Look for issues that affect your locality. Starting locally might have a big payoff in some cases.
Identifying inefficiencies, analysing how an idea can help, and evaluating the risks involved.
Ð ÐPersonal experiences: For an aspiring entrepreneur, personal experiences are crucial. One learns to operate their
business from their own personal experience. Listening to other entrepreneurs’ personal experiences can also help
you learn a lot of things, such as how they coped with risks, what techniques they used, and so on.
Ð Ðresearch with others: Speaking with other aspiring entrepreneurs and networking with them through social media
groups, as well as joining local startup groups, can help us learn a lot and develop our own business plans and
strategies. It aids in the opening of our ideas as well as the opening of doors to various business possibilities.
Identifying the perfect opportunity to take a risk is at the crux of becoming an entrepreneur. Mark Zuckerberg
only intended to use the internet to stay in touch with his buddies. This basic concept led to the creation of the
‘Facebook’ platform. This small concept has now generated a social movement on the internet. In addition, we can
see how this platform is linked to other platforms.
4.5 STARTUPS
A startup is defined as the initial phases of a business that can be started by an individual or a group of two or more
entrepreneurs who believe that a specific service or product is in great demand in the market. There are a lot of differences
between startups and traditional businesses. The most outstanding difference is the way each thinks about the growth
of their business.
Entrepreneurial Skills-IV 125

