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Unit
ENTREPRENEURIAL SKILLS-II
4 ENTREPRENEURIAL SKILLS- II
SESSION 1 Entrepreneurship and Society
An entrepreneur is an individual who creates, organises, and operates a business or businesses, taking on
financial risks to do so. Entrepreneurs are often seen as innovators, bringing new ideas, products, or services
to the market. They identify opportunities, allocate resources, and work towards the growth and success of
their ventures.
It is often said that an entrepreneur is an individual who establishes a business for making profit. But it is little
realised how entrepreneurs are serving the society and helping in the development of the country.
ENTREPRENEURSHIP
An entrepreneur aims to establish an ‘Enterprise’, and the process of doing it is called entrepreneurship.
Entrepreneurship is successful if an entrepreneur is creative, innovative and uses the resources that are
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
the society develops with facilities and accomplishments by meeting the needs of citizens. Society can be
described as a combination of people living together who play an important role in accomplishing the needs
of each other.
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
himself and the people who are employed in the enterprise.
It also contributes to the finance sector on a national scale for the government in the form of taxation which
is then redistributed in the society for different services of the nation.
UNDERSTANDING NEEDS, WANTS AND DEMANDS OF CUSTOMERS
Entrepreneurs satisfy customers' needs, wants, and demands by recognising them and taking appropriate
measures. This can be understood as follows:
Needs: These are the basic requirements that a business must address to. An entrepreneur ensures its
product or service is essential to the target market. Meeting these needs is crucial for initial market entry
and survival, such as offering essential healthcare products or staple foods.
Wants: These are opportunities for an entrepreneur to differentiate and add value to the basic offerings by
aligning products with consumer desires and preferences. Catering to wants can help create a competitive
edge, such as offering customisable tech gadgets or trendy fashion accessories.
Demands: It represent the potential market size when consumers are not only interested in a product but
also have the financial capability and readiness to purchase it. Entrepreneur successfully taps into demands
means identifies and targets segments with the highest purchasing power and interest in the product.
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