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• They work for the welfare of the society by saving the environment, contributing their money to build new schools
and hospitals in their locality.
• They create jobs by hiring the skilled and unskilled labourers and helps in bridging the gap of unemployment.
• With the success of an entrepreneur the people connecting to it, all shares the success and thus helps in the overall
development of the country.
• With the increasing competition of the entrepreneurs in the market the products are available at low and
competitive cost.
What do Entrepreneurs do when they Run their Business?
Entrepreneurs manage their business operations, making strategic decisions to drive growth and profitability. They
also innovate, adapt to market changes, and solve problems to meet customer needs and demands. Some of the
actions of entrepreneurs are listed below:
• Fulfill Customer Needs: Demand means a product or service that people want. Entrepreneurs find out what people
want. Then, they use their creativity to come up with a business idea that will fulfill the changing demands of the
customers.
• Use Local Materials: Entrepreneurs utilise available materials and people around them in innovative ways, combined
with new technology, to create new products at a reasonable cost.
• Help Society: Entrepreneurs foster a beneficial relationship with society by generating profits through activities that
enhance societal well-being. Some entrepreneurs focus on environmental conservation, while others contribute
funds for building schools and hospitals, thereby improving the communities in which they live.
• Develop the Country: With the success of an entrepreneur the people connected to it all share the success and thus
helps in the overall development of the country.
How do You Think Entrepreneurs Effect the Society they Live in?
Entrepreneurs can positively impact society by driving economic growth, and introducing innovative solutions
to societal challenges. Their businesses often contribute to community development and inspire others to pursue
entrepreneurship. Some of their initiatives are explained below:
• Creative Jobs: With the growth of a business, entrepreneurs look for more people to help them. They buy more
material, and from more people. They create jobs by hiring the skilled and unskilled labourers and help in bridging
the gap of unemployment.
• Sharing of Wealth: Wealth signifies having sufficient money to lead a comfortable life. As entrepreneurs expand
their businesses, the individuals working with them and in associated sectors also experience growth, providing
them better quality of life.
• Lower Price of Products: As more entrepreneurs sell the same product, the price of the product goes down. With the
increasing competition of the entrepreneurs in the market the products are available at low and competitive price.
For example, with the increasing sale of mobile phones in India, the price reduced and now these are affordable by
everyone.
Tick ( ) if you know this.
Entrepreneurship is a driving force of our modern global economy.
Society also plays an important role in boosting entrepreneurship.
Entrepreneurship brings more employment.
An entrepreneur is a person who starts their own business.
Entrepreneurial Skills-II 107

