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Brainy Fact
Here are some fascinating facts regarding Indian entrepreneurs:
• Number of entrepreneurs: India has 58.5 million entrepreneurs.
• Gender: 86% of Indian entrepreneurs are men, with 14% being women.
• Total entrepreneurial activity: The rate of total entrepreneurial activity in India in 2021 was 14.4%.
• Startups in technology: India has approximately 50,000 startups, including 8,900–9,300
technology-led startups.
• Every day, 2–3 tech startups are founded in India.
Generating a Business Idea
A business idea is a solution that entrepreneurs think about to serve their customers. The idea determines what business
an entrepreneur pursues to make a profit. The idea can be a product, service, or hybrid model. There are a few important
points to consider while thinking of an idea.
Business Idea
Understanding
the market
Planning the
business
Growing
Business
Reboot Critical Thinking
1. What is the purpose of a business idea?
2. What do you understand by critical thinking?
Customer’s Need
An idea must satisfy the customer’s demand or need. A business idea can occur from an existing need in the market
or from a desire to improve what is already in the market. The product or service may not satisfy the customer’s needs.
Hence, there is a need to fill the gap. So, an entrepreneur thinks of starting a business to fulfill this need.
For example, during the winter season, when the weather is very cold, people like to sit in the sunshine and drink hot
tea/coffee/soup, so an entrepreneur can start a hot drink stall in a busy market. Entrepreneurs often work with the idea
that they are passionate about. Not all entrepreneurs start with work as per market needs. Some entrepreneurs use their
own interests and talents to start a business and serve their customers. Knowing your interests and aptitude is certainly
important for entrepreneurs. It leads to self-confidence, and even others believe and trust your abilities.
Entrepreneurial Skills-III 77

