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For example, in the vibrant city of Bengaluru, Priya saw a growing demand for eco-friendly, stylish home
decor. Inspired by this she launched "EcoElegance," a brand offering handcrafted, sustainable decor items.
She sourced materials from local artisans, ensuring every piece was unique and environment friendly. As she
engaged with her customers, she adapted her designs to reflect their aesthetic preferences and values. Soon
her business flourished, meeting not just the needs but the desires for beautiful, conscious living spaces.
Priya’s entrepreneurial journey showcased the impact of aligning a product with the evolving demands for
sustainability and style.
ENTREPRENEURSHIP AND SOCIETY
SESSION 1 Entrepreneurship and Society Entrepreneurs keep a keen eye on the different aspects
and opportunities in the society. They identify the needs of
An entrepreneur is an individual who creates, organises, and operates a business or businesses, taking on people and society and innovatively come up with products
financial risks to do so. Entrepreneurs are often seen as innovators, bringing new ideas, products, or services or services to cater to their needs. This enables the society to
to the market. They identify opportunities, allocate resources, and work towards the growth and success of function more comfortably.
their ventures.
Entrepreneurs play a very crucial role in the development
It is often said that an entrepreneur is an individual who establishes a business for making profit. But it is little
of the nation as they help to build and establish huge
realised how entrepreneurs are serving the society and helping in the development of the country.
infrastructures or services like telecom facility, aeroplanes, etc.
ENTREPRENEURSHIP which wouldn’t be possible otherwise. Most of the successful
entrepreneurs are philanthropists. They always contribute to the society for the betterment of people in a
An entrepreneur aims to establish an ‘Enterprise’, and the process of doing it is called entrepreneurship.
community. Such philanthropic acts include establishment of facilities like schools, colleges, hospitals, etc.,
Entrepreneurship is successful if an entrepreneur is creative, innovative and uses the resources that are
and donations to organisations and providing sponsorships.
available in the society or country. An entrepreneur combines various factors in a creative way in order to
generate products as per the needs of customers. Entrepreneurship creates wealth for self and society as Entrepreneurship has some positive impacts on society such as:
the society develops with facilities and accomplishments by meeting the needs of citizens. Society can be driving economic growth fostering creativity
described as a combination of people living together who play an important role in accomplishing the needs
stimulating innovation and efficiency generating employment opportunities
of each other.
addressing societal problems promoting societal well-being
Entrepreneurship is not only about self-employability but also about the completion of the life cycle of the
society. It accelerates the economic growth of the society as it enables wealth creation for the entrepreneur Society plays a role in boosting entrepreneurship by:
himself and the people who are employed in the enterprise.
supporting infrastructure development creating needs and requirements
It also contributes to the finance sector on a national scale for the government in the form of taxation which
supplying raw materials providing financial assistance
is then redistributed in the society for different services of the nation.
generating the demand for education stimulating the creation and modification of policies
UNDERSTANDING NEEDS, WANTS AND DEMANDS OF CUSTOMERS facilitating networking facilitating the development of infrastructure
Entrepreneurs satisfy customers' needs, wants, and demands by recognising them and taking appropriate Entrepreneurial Responsibilities to Run a Business
measures. This can be understood as follows:
Entrepreneurs while running their business handle day-to-day operations, make strategic decisions, manage
Needs: These are the basic requirements that a business must address to. An entrepreneur ensures its finances to ensure profitability, and innovate to meet market demands. They focus on growth by expanding
product or service is essential to the target market. Meeting these needs is crucial for initial market entry their customer base, adapting to market changes, and building a strong team to achieve business goals.
and survival, such as offering essential healthcare products or staple foods.
Tasks Performed by Entrepreneurs
Wants: These are opportunities for an entrepreneur to differentiate and add value to the basic offerings by
Among different task performed by entrepreneur some important ones are as
aligning products with consumer desires and preferences. Catering to wants can help create a competitive
follows:
edge, such as offering customisable tech gadgets or trendy fashion accessories.
Fulfil Customer Needs: Entrepreneurs meet customer needs by offering
Demands: It represent the potential market size when consumers are not only interested in a product but
products or services that eases their lives, solve specific problems or fulfill
also have the financial capability and readiness to purchase it. Entrepreneur successfully taps into demands
desires, ensuring quality and reliability to satisfy expectations.
means identifies and targets segments with the highest purchasing power and interest in the product.
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