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ROLE OF AN ENTREPRENEUR

                 In order to become successful, an entrepreneur needs to perform different roles. The following are the roles of an
                 entrepreneur:
                 •  Innovator’s Role: An entrepreneurship is about new and creative ideas converted into a real world of business
                   which is beneficial both for the entrepreneur in making profits and for the customer in getting a new product in the
                   market. All those once was just an idea but only entrepreneurs brought those ideas to life.
                 •  Agent’s Role: Entrepreneurs are considered as ‘Agents of Change’. They look for opportunities that help in converting
                   their dream or passion into reality by initiating and creating a business and converting all the challenges faced into
                   a new successful product. This product creates a new market and helps in raising the standards of the community
                   and contribute to the overall development of the economy.
                 •  Risk Assumption Role: An entrepreneur assumes all possible risks of business rising from unstable market conditions,
                   change  in  the customers preferences,  new emerging technologies  in  the production,  change  in  environmental
                   factors, and fluctuations in the profits.
                 •  Capital Formation Role: Setting up an enterprise needs investment. This investment can be taken from personal
                   savings, loans, shares etc. The money is utilized in the capital formation like developing infrastructure in the nearby
                   area,  developing  the network and  transport  facilities.  All  these efforts help  in  the company trade and  capital
                   formation of the country.
                 •  Employment Generation Role: Entrepreneurs generate employment for both skilled and unskilled labourers by
                   setting up large and small-scale businesses. This leads to the reduction in unemployment levels in the country.





                                       India currently houses the world's third largest startup ecosystem, with 38 firms being
                                       valued at over $1 billion.






                         IMPORTANCE OF ENTREPRENEURS

                 An entrepreneur does the maximum utilization of resources for the production and management of his business which
                 plays an important role in the development of any country. The importance of an entrepreneur for the development
                 of the country is listed below:

                 •  Free Market Evolution: Free market is a place where the production of a product is controlled by the demand and
                   supply of a product. Entrepreneurs are important in a free market as they create a demand for the existing products
                   in an innovative way matching with the consumer preferences.
                 •  Efficiency  Improvements: An  entrepreneur boosts up  the country’s economy by providing  new ventures with
                   improved infrastructure, jobs to the people, and good quality products with the implementation of new updated
                   technologies. All this helps in improving the standard of living of the people in the society.
                 •  New Markets: An entrepreneur brings new and innovative ideas to his business to create a new demand for his
                   products that helps in creating a new market. UBER company owners provided taxi services in a new way of hiring
                   people with cars and then serving to the people in need through a common platform. All this created a new market
                   of taxi booking through online platforms.
                 •  New Values: Many of the entrepreneurs provide new values by creating or promoting ethical products that help in
                   the welfare of a society. They bring awareness like, products are not tested on animals, they are chemical free that do
                   not contribute to the pollution of the environment, pesticide free, and eco-friendly and do not support child labour.


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