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Let's take an example:
Go Green Company is a successful entrepreneur project where a group of 5 college students decides to give plants in
their locality at cheaper price to support the Green Economy. In a year they got a wonderful response, so they decided
to open up their own nursery and supply plants in the whole city. So in this example:
Group of college students is an Entrepreneur.
Innovative ways of running their own business is Entrepreneurship.
The output of this innovative process is Go Green Company, which is the Enterprise.
WHAT IS ENTREPRENEURSHIP?
Entrepreneurship is setting your own business in an innovative manner which may have great risks and desires to earn
more profits. Entrepreneurship, thus involves taking risks with innovation, planning and decisions so as to increase
productivity in any field business, agriculture, social work, education, etc. It thus plays an important role in the process
of economic development. Entrepreneurship can be at small scale, medium scale or large scale in terms of products
and services. There are four main elements of entrepreneurship:
• Innovation: It means doing something in a creative and different way. This is the key element of entrepreneurship.
Opening a roadside restaurant is just like opening a business but bringing the element of "Home cooked food for the
people in a Food Truck" is called an innovation in business.
• Organisation: This plays an important role if a startup is launched at a large scale with a big investment. Though an
entrepreneur is a person leading the whole business with his ideas but other employees working in an organisation
are equally important for the success of the startup.
• Risk bearing: Doing a business with a new idea is always associated with risk. But taking a calculated risk is an
important element of entrepreneurship. This will bring change in the society by bringing new products and services.
• Perception: Entrepreneurship should have a strong perception of running a business in an innovative manner. An
entrepreneur should implement his plans and ideas in such a way that helps him achieve long term goals of his
business with greater profits.
Let us read the story of Shashank. It will help us understand a little more about entrepreneurship.
In a bustling city where time seemed to move faster than anywhere else, there lived a young man named Shashank.
He had always been fascinated by technology and its potential to solve everyday problems. He worked long hours at a
tech startup, but his mind constantly churned with ideas of his own.
One rainy evening, while waiting for a delayed train, he noticed a group of commuters struggling with their wet
umbrellas as they entered the station. It was a familiar sight—dripping umbrellas left on floors, benches, and even
against walls, causing slippery hazards. Recognizing this inconvenience, an idea sparked in his mind.
Over the next few weeks, he sketched designs during lunch breaks and late nights, envisioning a solution—a collapsible
umbrella stand that could be easily installed in public spaces. It would provide a designated spot for umbrellas,
minimizing clutter and enhancing safety. Excited by his concept, he shared his idea with a few trusted friends and
colleagues who encouraged him to pursue it.
With determination, he refined his design, sourced materials, and meticulously crafted a prototype in his small apartment.
Instigated with a functional model, he approached local businesses and transportation hubs, pitching his innovative
umbrella stand. Initially met with skepticism, He persevered, demonstrating the practicality and benefits of his invention.
Slowly but steadily, interest grew. Cafes, offices, and train stations began to install Shashank's umbrella stands,
impressed by their simplicity and effectiveness. Word spread quickly among commuters and business owners alike, and
soon, orders poured in from across the city. He found himself managing production, logistics, and customer inquiries,
all while juggling his day job.
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