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

