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Despite starting small, Murthy and his team built Infosys into one of India's largest IT services companies, We will also discuss the entrepreneurship process, which involves three key stages: entering the market,
pioneering the Indian IT outsourcing industry and creating thousands of jobs globally. overcoming challenges, and growing the business. By understanding these stages, you’ll gain insights
Misconception 4 into how entrepreneurs build and manage successful businesses, and why choosing entrepreneurship as a
career can be both exciting and rewarding.
Entrepreneurs are born, not made: This misconception suggests that entrepreneurial skills and abilities
are innate traits, not something that can be learned or developed through education, experience, and
ENTREPRENEURSHIP AS A CAREER
perseverance.
For example, Kunal Shah, co-founder of FreeCharge, started his entrepreneurial journey by founding a company A career is the path of professional activities and roles that a person pursues throughout their working life.
called PaisaBack, which was later acquired. He then co-founded FreeCharge in 2010, a mobile payments It involves the series of jobs, positions, and experiences accumulated over time within a specific field or
company that revolutionised digital payments in India. Shah's success demonstrates that entrepreneurship industry. While traditionally seen as a lifelong commitment to a particular line of work, modern perspectives
is not just about innate talent but also about learning from experiences, adapting to market needs, and on careers recognise that they can be dynamic and evolve based on personal growth, changing interests, and
persistently innovating to create value. economic conditions.
A career is a line of work that a person takes for life. There are two ways a person can earn a living. They are:
BUSINESS VS ENTREPRENEURSHIP
1. Self-Employment: It refers to individuals who work for themselves rather than for an employer. They
The terms "businessman" and "entrepreneur" are often used interchangeably, but they represent different may operate their own businesses, freelancing, consulting, or working as independent contractors. A self
aspects of business activity and approach. Here are the key differences between a businessman and an employed person, always trying to make his/her business better by taking risks and trying new ideas is
entrepreneur: an entrepreneur.
Aspect Businessman Entrepreneur 2. Wage Employment: Wage employment refers to individuals who work for an employer and receive regular
wages or salaries in exchange for their services. They typically follow a set schedule and report to a supervisor
Focus Manages and operates an established Identifies and exploits new business
or manager. The people who work for some organisation and get paid for that are wage employed.
business. opportunities.
Role Oversees day-to-day operations, resource Involved in all aspects of business creation Entrepreneurship Process
management. and growth. The entrepreneurship process begins with idea generation, where potential opportunities are identified
through brainstorming and evaluating unmet market needs. This is followed by research and planning, which
Risk Takes calculated risks within existing Embraces high levels of risk in pursuit of
includes conducting market research to understand industry trends and competitors, and performing a
business framework. innovation.
feasibility study to assess the viability of the idea.
Innovation Focuses on incremental improvements Introduces novel solutions, technologies, or
A comprehensive business plan is then developed, detailing the business strategy, target market, financial
within the business. models.
projections, and operational plan. This structured approach helps transform innovative ideas into successful
Example CEO of a manufacturing company ensuring Elon Musk, creating SpaceX and Tesla, business ventures by providing a clear road map and mitigating risks along the way.
profitability. pushing boundaries.
New business venture creation includes launching a company, buying a business, taking a franchise, starting
For example: Mahesh and Rajesh both own chemist shops in the same area. a new venture in a family business or commercialising a technology.
Mahesh sits at his shop and when the customers come, he sells medicines. A person who becomes an entrepreneur goes through a career process. This process is as follows:
Rajesh, along with medicines has also collaborated with near by Lab. He also get medicines delivered at
Enter: The "Enter" stage marks the beginning of the entrepreneurial journey, where
home, offers sugar, BP testing services at home, gives attractive discounts and offers on Lab tests.
the entrepreneur identifies a business opportunity and launches their venture.
Rajesh has added innovative ideas to grow his business. So he is an entrepreneur while Mahesh is a businessman.
This phase involves the decision to become an entrepreneur and the initial steps
“The best way to predict the future is to create it” is true for entrepreneurs. Entrepreneurship is full of uncertainty.
taken to establish a business. It's often characterised by passion, vision, and a
If anyone accepts that, he is willing to embrace it. Entrepreneurs are independent minded, innovative business
willingness to take risks. For example: Sarah starts a baking business after receiving
people which make them self-starter. An entrepreneur can be an artist, educator, businessman, service sector
positive feedback from friends.
worker or an inventor. Entrepreneurial careers can be found in just about every field.
Survive: Once the business is up and running, the focus shifts to survival. This phase
SESSION 4 Entrepreneurship as a Career Option involves navigating challenges such as securing funding, building a customer base,
managing cash flow, and overcoming obstacles. It focuses on overcoming initial
In this session, we will explore entrepreneurship as a career option. Entrepreneurship provides individuals challenges and ensuring the business remains viable and operational. For example:
with the chance to be their own boss, follow their passions, and make a meaningful contribution to the Facing tough competition and high costs, Sarah adjusts prices and manages expenses
economy. carefully to stay afloat.
Entrepreneurial Skills-II 73

