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UNIT


                    4                                       Entrepreneurial Skills-II









                        Topics Covered                                                                          95%

                         Entrepreneurship and Society                       Customers' Needs, Wants and Demands
                         Work Done by an Entrepreneur                       Qualities of an Entrepreneur
                         Functions of an Entrepreneur                       Role of an Entrepreneur
                         Importance of Entrepreneurs                        Advantages of Entrepreneurship
                         Disadvantages of Entrepreneurship                  Myths/Misconceptions about Entrepreneurship
                         Entrepreneurship as a Career Option

                 An entrepreneur is a person who starts his/her own business in an innovative manner and bears all the risk in the hope
                 of gaining significant profit and contributing to the economy of the country. Anyone with a passion to fulfil his/her
                 dreams of converting  his/her ideas to real business and dealing with all the risks can become an entrepreneur.
                 Entrepreneurship is a driving force of our modern global economy. It is an art of starting, surviving and growing a
                 business in a competitive market.

                 Entrepreneurs are all around us. Successful entrepreneurs have the following qualities:
                 •  They are confident and have faith in their abilities.
                 •  They continuously experiment with new ideas in their business.
                 •  They exhibit patience.
                 •  They are creative, approaching business ideas from unique perspectives.
                 •  They own up to their actions.
                 •  They make decisions thoughtfully.
                 •  They are diligent workers.
                 •  They persist despite facing challenges.
                 Entrepreneurs operate their business 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.


                         ENTREPRENEURSHIP AND SOCIETY


                 There are two ways in which a person can earn their livelihood i.e. wage employment and self-employment.
                 Wage employees are individuals who are employed by another person or organization and receive compensation for their
                 work. For example, office workers, factory employees, retail staff, and professionals working for a corporation or business.
                 A self-employed  individual  works  for themselves rather than  for an  employer, earning  income from  their  own
                 business or trade. They are responsible for managing their operations, finances, and work schedule independently. An
                 individual who constantly strives to improve their business by taking risks and exploring new ideas is an entrepreneur.
                 For example, freelancers, consultants, small business owners, artists, and independent professionals.


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