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Use Local Materials: Using local materials helps entrepreneurs support local
economies, reduce environmental impact through shorter supply chains, and
often provides unique selling points tied to local culture or sustainability.
Help Society: Entrepreneurs contribute to society by creating jobs, improving living
standards through innovative products or services, and supporting community
initiatives or causes, thereby fostering social development and well-being.
Impact of Entrepreneurs on Society
Entrepreneurs help society by creating jobs, giving people opportunities to work and earn money. They
also innovate, making products better and cheaper for everyone. By starting businesses and competing,
entrepreneurs improve our choices as consumers. Successful entrepreneurs often give back by supporting
schools, hospitals, and community projects, making their communities stronger and improving quality of life
for everyone. Some ways in which they impact society can be noted as follows:
Create Jobs: They identify opportunities in the market and take risks to capitalise on them and generate
employment opportunities across various sectors. The jobs created by entrepreneurs often lead to
indirect employment through suppliers, service providers, and support industries, further stimulating local
economies.
Sharing of Wealth: Successful entrepreneurs contribute significantly to wealth distribution through
various channels. They pay taxes on their business profits and personal incomes, They engage themselves
in donating substantial amounts to charitable causes, educational institutions, healthcare facilities, and
community projects.
Lower Price of Products: Entrepreneurs drive down the prices of goods and services through competition
and innovation. By entering markets with new products or improved processes, entrepreneurs create
competitive pressures that compel existing businesses to improve efficiency, reduce costs, and offer better
value to consumers.
Do you know?
Tilak Mehta is India's youngest entrepreneurs who founded Papers N Parcels (PNP) at 13,
revolutionising same-day intra-city deliveries.
SESSION 2 Qualities and Functions of an Entrepreneur
In this session, we will learn about the qualities, functions and role played by an entrepreneurs. By understanding
the qualities that make someone a successful entrepreneur, the tasks they handle, and the various roles they
take on, you’ll get a clearer idea of what it takes to become an entrepreneur.
QUALITIES OF ENTREPRENEURS
Quality is a way in which a person acts or behaves. Entrepreneurs possess different qualities. Some of them are:
Confident: Entrepreneurs believe strongly in themselves and their ideas. This confidence helps them
convince others—like investors, customers, and employees—to believe in and support their business.
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