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Innovative: Entrepreneurs are good at thinking up new ideas or ways to improve things. They come up
Use Local Materials: Using local materials helps entrepreneurs support local with solutions that are different and better than what's already out there, which makes their businesses
economies, reduce environmental impact through shorter supply chains, and stand out.
often provides unique selling points tied to local culture or sustainability. Patient: Entrepreneurs know that building something successful takes time. They stay focused and don't
give up easily, even when things are tough or don't go as planned.
Help Society: Entrepreneurs contribute to society by creating jobs, improving living Creative: Entrepreneurs are creative thinkers. They can think of new and unique ways to solve problems or
standards through innovative products or services, and supporting community make products that people want to buy. This creativity helps them stay ahead in a competitive market.
initiatives or causes, thereby fostering social development and well-being.
Take Responsibility: Entrepreneurs take responsibility for everything that happens in their business. They
Impact of Entrepreneurs on Society learn from mistakes and make sure to do what's needed to keep their business running well.
Entrepreneurs help society by creating jobs, giving people opportunities to work and earn money. They Thoughtful Decision-Making: Entrepreneurs think carefully about the choices they make. They consider
also innovate, making products better and cheaper for everyone. By starting businesses and competing, how each decision will affect their business, their employees, and their customers, making sure to choose
entrepreneurs improve our choices as consumers. Successful entrepreneurs often give back by supporting what's best for everyone in the long run.
schools, hospitals, and community projects, making their communities stronger and improving quality of life
Hardworking: Entrepreneurs work really hard to make their businesses successful. They put in a lot of time
for everyone. Some ways in which they impact society can be noted as follows:
and effort to achieve their goals and make their ideas a reality.
Create Jobs: They identify opportunities in the market and take risks to capitalise on them and generate
Risk Taker: Entrepreneurs take calculated risks and make decisions despite uncertain outcomes in order to
employment opportunities across various sectors. The jobs created by entrepreneurs often lead to
seize opportunities. They recognise that potential rewards often come with inherent risks.
indirect employment through suppliers, service providers, and support industries, further stimulating local
economies. Don't Give Up: Entrepreneurs don't let setbacks stop them. They learn from failures, keep trying, and stay
Sharing of Wealth: Successful entrepreneurs contribute significantly to wealth distribution through determined to reach their goals, no matter how tough things get.
various channels. They pay taxes on their business profits and personal incomes, They engage themselves
FUNCTIONS OF AN ENTREPRENEUR
in donating substantial amounts to charitable causes, educational institutions, healthcare facilities, and
community projects. Entrepreneurs play crucial roles in driving economic growth and innovation by introducing new ideas and
Lower Price of Products: Entrepreneurs drive down the prices of goods and services through competition products to the market. They build organisations from scratch, bringing together resources and people to
and innovation. By entering markets with new products or improved processes, entrepreneurs create turn their visions into reality. Effective management is essential as entrepreneurs oversee various aspects of
competitive pressures that compel existing businesses to improve efficiency, reduce costs, and offer better their business, from finances and operations to marketing and customer relations. Their willingness to take
value to consumers. risks distinguishes them, as they navigate uncertainties and seize opportunities for growth and success.
Do you know? Some of the desired functions of entrepreneurs are listed below:
Making Decisions: Entrepreneurs are responsible for making critical decisions that affect the overall
Tilak Mehta is India's youngest entrepreneurs who founded Papers N Parcels (PNP) at 13,
direction and strategy of the business. For example, an entrepreneur might decide to pivot their product
revolutionising same-day intra-city deliveries.
offering based on market research or choose to enter a new market to expand their customer base. Jeff
Bezos, the founder of Amazon, made the significant decision to shift from selling books online to becoming
SESSION 2 Qualities and Functions of an Entrepreneur a comprehensive e-commerce platform.
Managing Business: This involves overseeing the daily operations to ensure efficiency and productivity.
In this session, we will learn about the qualities, functions and role played by an entrepreneurs. By understanding
Entrepreneurs must manage various aspects such as finance, marketing, sales, and human resources. For
the qualities that make someone a successful entrepreneur, the tasks they handle, and the various roles they
instance, Elon Musk, CEO of Tesla, manages multiple facets of the business, from product development and
take on, you’ll get a clearer idea of what it takes to become an entrepreneur.
manufacturing processes to marketing strategies and financial planning.
QUALITIES OF ENTREPRENEURS Dividing Income: Entrepreneurs decide how to allocate the business’s income. This includes reinvesting
in the business, paying employees, covering operational costs, and distributing profits. For example, an
Quality is a way in which a person acts or behaves. Entrepreneurs possess different qualities. Some of them are:
entrepreneur might decide to reinvest a significant portion of the profits into research and development
Confident: Entrepreneurs believe strongly in themselves and their ideas. This confidence helps them to foster innovation and future growth.
convince others—like investors, customers, and employees—to believe in and support their business.
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