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A wage employee is someone who works for a person or organisation and is compensated for their efforts.
An entrepreneur is a self-employed individual who wants to improve his or her business by taking risks and
experimenting with new ideas.
Entrepreneurship is the process of starting and managing a business, taking risks to earn financial returns.
Consider the following story:
Pooja belonged to a poor family and was born deaf. She started working in the neighbourhood
restaurant as a daily wage worker when she was 11 years old to supplement the family income.
She was assigned work in the kitchen. During her free time in the restaurant, her co-worker used
to let her borrow her mobile so that Pooja could learn sign language by watching videos on the
internet. By the time, Pooja was 20 years old, she was an excellent cook and could communicate
easily using sign language. Now, Pooja started her own tiffin service. She would provide home
cooked meals to offices nearby. Soon her small business started doing well.
Here are some details you learn from Pooja’s story:
a. She was a wage employee when she worked in her neighbourhood restaurant because she was working for
someone.
b. She started her own food business. She became an entrepreneur as she risked testing new ideas.
4.5 IDENTIFYING POSSIBILITIES AND TAKING RISKS
Finding the correct business opportunity for a new entrepreneur is a vital question. Should the new venture
concentrate on developing a new product or service? Should the venture choose an established product or
service from one market and sell it in another, where it may be unavailable?
The following are some methods for prospective entrepreneurs to identify new business opportunities and
assess their potentials and hazards.
Community Concerns: Look for problems that are important to your community. Starting small might
have a big payoff in some cases. Determine areas of inefficiency, evaluate how an innovation can provide
solutions, and weigh the potential dangers.
Personal experiences: The experiences and challenges encountered by entrepreneurs often give rise to
powerful, transformative ideas. If you want to be an entrepreneur, you should listen to and be inspired
by the personal experiences of great entrepreneurs. Their experiences may teach you valuable lessons in
entrepreneurship and provide insights into certain company tactics that you can use to achieve success.
Discuss with others: Engage with like-minded individuals, participate in social groups, and join local
startup communities. Often, conversations with others can unveil new opportunities and provide valuable
insights. Such interactions also help you understand the finer details of running a business.
It is all about finding the appropriate opportunity and taking the leap of faith for an entrepreneur. Elon Musk
had the basic concept of creating a sustainable future through electric vehicles. His simple idea launched a
‘clean energy revolution,’ and today, practically all of us associate Tesla with innovation in transportation and
renewable energy, transforming the global automotive industry.
4.6 STARTUPS
Scan the QR code or visit the following link to watch the video: What is a Startup? | Startup
Meaning and Types | The Money Gig
https://www.youtube.com/watch?v=9vpnrNcAi9s
So, you can understand from the video that a startup is a business that is in its early stages of development.
A startup and a regular company venture are not the same, especially when it comes to growth. A startup is
frequently financed by the founders until the business gains traction and attracts outside money or investment.
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