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As demand soared, he made the leap to focus full-time on his venture. With support from investors who believed in
his vision, he scaled up production, expanded his product line, and even developed an app to track umbrella stand
locations and availability in real-time. His business, named "DriStop Solutions," became a staple in cities prone to rain,
celebrated for its practicality and contribution to urban safety.
Years later, as he looked out from the rooftop of his thriving office, he couldn't help but marvel at how a simple
observation on a rainy day had transformed into a successful enterprise. What began as a solution to a common
inconvenience had grown into a testament to his passion for innovation and problem-solving.
Reflecting on his journey, he realised that recognising a need, seizing an opportunity, and nurturing an idea had been
the pillars of his success. With a smile, he knew that his entrepreneurial spirit had not only made a difference in
people's lives but also inspired others to see challenges as opportunities waiting to be solved.
Step 1: Put wet umbrella Step 2: And then umbrella is Step 3: Pull out umbrella
straight down into the slot automatically wrapped in plastic bag toward front slowly
Ritesh Agarwal is one of the youngest entrepreneur in India. He is the founder of OYO
rooms.
SOME IMPORTANT TERMS IN ENTREPRENEURSHIP
Entrepreneurs take risks to make profit. Let us now try to understand the meaning of the word profit and risk used
frequently in entrepreneurship:
• Profit: The term "profit" refers to the financial gain that an entrepreneur gets or a positive difference between total
income earned and total costs invested in running a business. Profit is the main indicator of a business's financial
success or failure. For example, Nisha has recently started running her own flower shop. She made her quarterly
report and found that her income is little more than her total expense. This brought confidence in her and she
planned to keep a close watch to bring up the profit margins for future growth of her business.
• Risk: The term "risk" refers to a situation where the result is not known and could lead to a loss. Entrepreneurs often
face a variety of risks as they initiate, develop, and operate their business. Understanding and managing risks are
essential components of successful entrepreneurship. These risks can sometimes bring failures also in a business.
For example, in the above situation where Nisha, a florist, has established her business well in a span of one year.
She now wants to expand her business by opening another branch in a nearby city where the competition is very
high and the cost of investment is also more but she is quiet confident and wants to take the risk because she feels
risk is an integral part of entrepreneurship, and successful entrepreneurs understand the importance of identifying,
assessing, and managing risks effectively.
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