Page 72 - IT_V1.0_Class10
P. 72

  Taking Risks: Entrepreneurs willingly take on financial and personal risks to pursue business opportunities.
                 This can include investing in a new venture, launching a new product, or entering a new market. A classic
                 example is Henry Ford, who took significant financial risks to develop and mass-produce the Model T,
                 revolutionising the automobile industry despite initial uncertainties.

                Creating New Methods,  Ideas,  or Products:  Entrepreneurs  innovate  by  developing  new  products,
                 methods, or ideas that meet market needs and provide competitive advantages. An example is Steve Jobs,
                 who introduced groundbreaking products like the iPhone, iPad, and MacBook, which transformed the
                 technology industry and created entirely new markets.
                Innovation: Entrepreneurs are crucial for introducing new ideas, products, or methods that drive progress
                 and meet market demands. For example, Elon Musk, through SpaceX, innovated the aerospace industry by
                 developing reusable rockets, significantly reducing the cost of space travel and advancing the potential for
                 space exploration.

                Organisation  Building:  Entrepreneurs  are  responsible  for  bringing  together  various  resources  and
                 structuring the organisation to achieve business goals. They establish processes, create a company culture,
                 and build a team to drive the venture forward. For instance, Howard Schultz, former CEO of Starbucks,
                 built a global coffeehouse chain by creating a strong brand, fostering a customer-centric culture, and
                 establishing efficient operational processes.
                Management: Entrepreneurs manage multiple aspects of the business, including finances, operations,
                 marketing, human resources, and customer relations. They ensure that the business runs smoothly and
                 adapts to changing circumstances. A notable example is Indra Nooyi, former CEO of PepsiCo, who managed
                 the company's operations and strategic direction, leading it to significant growth and diversification.

                Exploring Market Opportunities:  Entrepreneurs  have  a  keen  eye  for  identifying  and  capitalising  on
                 market gaps and emerging trends. They recognise unmet needs and develop solutions to address them.
                 An example is Brian Chesky, co-founder of Airbnb, who perceived the opportunity for a platform that
                 connects people looking for accommodation with those offering it, disrupting the traditional hotel industry
                 and creating a new market for short-term rentals.

                 ROLE AND IMPORTANCE OF AN ENTREPRENEUR

              Entrepreneurship plays an influential role in many aspects. One may think that entrepreneur simply build their

              own entity. But they are doing a whole lot more for the local community, state, region and country.
              By establishing the business entity, entrepreneurs invest their own resources and attract capital from investors
              and public. They are known as job creators. They provide employability to a number of people. This is why the
              government of India has taken initiatives such as 'Startup India' to promote and support new startups as they
              increase the growth in GDP and per capita income and fulfill the need of consumers.

              Entrepreneurs setting up new businesses and industrial units help
              with regional development by establishing less developed areas.
              The growth of businesses in these areas simultaneously help in
              the  development  of  infrastructure  like  roads,  stable  electricity,
              water  supply,  schools,  hospitals,  drainage  system,  convention

              centre, market, etc.






                 70     Information Technology Play (Ver 1.0)-X
   67   68   69   70   71   72   73   74   75   76   77