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Importance of Entrepreneurs
An entrepreneur does the maximum utilization of resources for the production and management of his business
which plays an important role in the development of any country. The importance of an entrepreneur for the
development of the country are listed below:
• Free Market Evolution: Free market is a place where the production of a product is controlled by the demand
and supply of a product. Entrepreneurs are important in a free market as they create a demand for the existing
products in an innovative way matching with the consumer preferences.
• Efficiency Improvements: An entrepreneur boosts up the country’s economy by providing new ventures with
improved infrastructure, jobs to the people, and good quality products with the implementation of new updated
technologies. All this helps in improving the standard of living of the people in the society.
• New Markets: An entrepreneur brings new and innovative ideas to his business to create a new demand for
his products that helps in creating a new market. UBER company owners provided taxi services in a new way of
hiring people with cars and then serving to the people in need through a common platform. All this created a
new market of taxi booking through online platforms.
• New Values: Many of the entrepreneurs provide new values by creating or promoting ethical products that help in
the welfare of a society. They bring awareness like products are not testing on animals, they are chemical free that do
not contribute to the pollution of the environment, pesticide free and ecofriendly and do not support child labour.
Myths/Misconceptions about Entrepreneurship
Following are some of the myths/misconceptions about entrepreneurship:
• Entrepreneurs are born not made: Entrepreneurship is a learned skill, not a natural-born ability. It takes
immense dedication, discipline, and hard work to become a successful entrepreneur. It involves creating unique
business ideas followed by launching and running a new venture.
• All entrepreneurs have great ideas: It is not always a new idea that
makes you an entrepreneur. You can take an existing idea and make
your own business out of it. Only it needs a potential idea and a proper
execution to become reality.
• The only requirement is a good idea: Only a good idea is not enough
to make you a successful entrepreneur. You need resources, capital, a
good market to sell your products, things in your favour to make the
business happen the way you want.
• Businesses either flourishes or fails: A venture is not always a success or a failure. You may have a venture
which is able to sustain itself well in the market. You may be facing no loss and no gain for a long time or
sometimes you have little growth and you sustain for years in the market. There’s a lot of patience and strategy
required to run it in a mode where it maintains its dignity in the market.
• Entrepreneurs take lots of risks: Entrepreneurs do not always take lots of risks or put their business in high-risk
situations. Instead, they know very well how to take calculated risks.
• One must know everything and have a good degree before starting a business: An entrepreneur learns from
his mistakes. He thinks twice before he does any action. He uses a hit and trial method to succeed in his venture.
Knowledge of everything or a good educational degree will never be a criterion to be a successful entrepreneur.
Instead, they are always on the road of learning and put in their best efforts to prove their entrepreneur skills.
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