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Entrepreneurs operate their businesses within a marketplace where individuals buy and sell products and services.
This exchange benefits everyone involved as it generates income for all participants. In this way, entrepreneurs
contribute to the growth of their community and society. In the market, people buy products and services created by an
entrepreneur. The money which an entrepreneur gets is used to buy raw material, pay salaries and invest in the business.
This process of money circulation is helping all in the society. Society and entrepreneurship are intricately connected, each
influencing and shaping the other in significant ways.
Entrepreneurship brings some positive impacts on society as listed below:
• They help in the economic growth of the country by boosting national income and tax revenue.
• Identifying existing opportunities in the market with new and improved products.
• Creates jobs and employment opportunities.
• They do business in a creative manner and help in raising the standard of the society.
• They provide developed infrastructure in the locality, improved network and good transport facility.
• They help in community projects and support local charities that contribute to the welfare of the society.
Society also plays an important role in boosting entrepreneurship. Some of these are:
• Helps in providing the raw material for the business.
• Provides financial support through loans, shares, debentures etc.
• Provides policies and laws in favour of promoting entrepreneurship.
• Supports infrastructure development and network development.
• Provides a market with the needs and demands of the product.
• Creates a need for education and awareness for entrepreneurship.
CUSTOMERS' NEEDS, WANTS AND DEMANDS
Entrepreneurs fulfil customer's needs, wants, and demands by identifying them and taking necessary actions. They can
be understood as follows:
• Needs: Identifying and providing essential products or services that solve fundamental problems or fulfill basic
requirements.
• Wants: Offering products or services that enhance the customer's lifestyle, going beyond basic needs to cater to
their preferences and desires.
• Demands: Understanding and responding to the specific expectations and buying power of their target market,
ensuring they deliver value that meets or exceeds customer expectations.
For example, Maya is an innovative entrepreneur, she launched a line of nutritious healthy snack bars to meet the basic
needs of health-conscious individuals. Seeing a demand for variety, she introduced unique flavours that catered to
their wants. Listening to customer feedback, she also developed gluten-free options to meet specific dietary demands.
Through her keen understanding of customer needs, wants, and demands, Maya's business flourished, delighting her
clientele and expanding her brand.
WORK DONE BY AN ENTREPRENEUR
When an entrepreneur runs a business:
• They use their creativity to come up with a new business idea that will
fulfil the changing demands of the customer’s.
• They use the available material and people available around them in an
innovative way merged with new technology to create new products.
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