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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.
Entrepreneurial Skills-II 105

