Page 109 - AI Ver 1.0 Class 9
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Who is an Entrepreneur?

            The word “Entrepreneur”  is  derived  from  the  French  verb  ‘entreprendre’  which  means  "to  undertake".  An
            Entrepreneur is a person who invests his time, energy and money to initiate an exclusive idea for a new venture. He
            starts his own start-up with the desire to establish it. He may earn profits or bear losses and is wholly responsible
            for the unpredictable failures and risks.

            They are the innovators of the market who see opportunities where others see roadblocks. The success of these
            business innovators is undoubtedly essential to change our economy for the advancement of our societies.

            Entrepreneurship is the act of executing an innovative idea in a business. The output of this innovative process of
            setting up a business is called an enterprise.



                            Entrepreneur                 Entrepreneurship                  Enterprise


                              Person                         Process                        Outcome
            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 GoGreen 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 the 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.

                    Entrepreneurship Development


            Entrepreneurship development is the process of enhancing knowledge and improving skills of an entrepreneur
            through structured training and classroom programs. Through this process a person is equipped with the required
            skills and knowledge needed for starting and running the enterprise.

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