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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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