Page 99 - AI Ver 1.0 Class 10
P. 99

• Marketing:  It is the flow of the product or  service from the hands of the producer  into the hands of the
                   end customer or  user. An entrepreneur  has to take care that  marketing should be given an importance  in
                   highlighting the company’s greatest strengths with greater emphasis on their product's value to the customer.
                   It is an important tool that can be used efficiently by newly launched companies to define their image in the
                   minds of consumers.
                    • Human Resource Management: It refers to selection, recruitment, training, development and compensation of
                   the employees in an organization. It takes care of the staff activities and the expectations so that the organization
                   effectively uses the manpower to accomplish its mission and goals.


                            Task


                   Answer the following questions:
                   1.  Explain the term entrepreneur.
                   2.  What is the quality of a successful entrepreneur?
                   3.  Explain the following quality of a entrepreneur:
                      a.  Hard Working                  b.  Self-Confident




                         Role of an Entrepreneur


                 In order to become successful, an entrepreneur needs to perform different
                 roles. The following are the roles of an entrepreneur:
                    • Innovator’s Role: An entrepreneurship is about new and creative ideas
                   converted into a real world of business  which is  beneficial both for
                   the entrepreneur in making profits and for the customer in getting a
                   new product in the market. All those once was just an idea but only
                   entrepreneurs brought those ideas to life.

                    • Agent’s Role: Entrepreneurs are considered as ‘Agents of Change’. They look for opportunities that help in
                   converting their dream or passion  into reality by initiating and creating a business  and converting all the
                   challenges faced into a new successful product. This product creates a new market and helps in raising the
                   standards of the community and contribute to the overall development of the economy.
                    • Risk Assumption Role: An entrepreneur assumes all possible risks of business which emerges due unstable
                   market conditions, change in the customers preferences, new emerging technologies in the production, change
                   in environmental factors and fluctuations in the profits.
                    • Capital Formation Role: Setting up an enterprise needs investment. This investment is taken from personal
                   savings, loans, shares etc. The money is utilized in the capital formation like developing infrastructure in the
                   nearby area, developing the network and transport facilities. All these efforts help in the company trade and
                   capital formation of the country.
                    • Employment Generation Role: Entrepreneurs generate employment for both skilled and unskilled labourers by
                   setting up large- and small-scale businesses. This leads to the reduction in unemployment levels in the country.




                                 Brainy Fact


                      India currently houses the world's third largest startup ecosystem, with 38 firms being valued at over $1 billion.



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