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    • Ability to learn from mistakes: An entrepreneur is bound to make mistakes. However, if an error is made, it must be
                  avoided because it might result in significant costs. As a result, the individual must be able to learn from experience.
                   • Motivation: Motivation is essential for success in all aspects of life. When you're inspired to do anything, you won't
                  stop until you finish it. For example, you may become so engrossed in reading a tale or magazine that you do not
                  sleep until you finish it. Motivation generates this level of interest in one's task. It is a necessary characteristic for being
                  a successful entrepreneur.
                   • Self-confidence: To be successful in life, one must have faith in oneself. Someone who lacks confidence may not be
                  able to achieve much in life or motivate others to work. Courage, passion, and capacity to lead are all manifestations
                  of self-assurance.
                   • Hard work: In life, there is no replacement for hard work. Every day, one or more problems may develop while
                  running a business. An entrepreneur must be watchful in order to recognise and fix difficulties as soon as possible.
                  This necessitates a lot of effort on the side of the entrepreneur. In some cases, the entrepreneur may have to work
                  through the night. Thus, for an entrepreneur, hard work is the key to success.

                   • Ability to make decisions: While running a business, an entrepreneur must make a variety of decisions. As a result,
                  the individual must be capable of making appropriate and timely decisions. Things move at a breakneck pace in the
                  modern world. If an entrepreneur lacks the ability to make appropriate and timely judgments, he or she may miss out
                  on an opportunity and incur damages.
                                                                                             21 st  Century   #Media Literacy
                                                                                                 Skills
                            Video Session

                      Watch the video of " What is an Entrepreneur? " at the given link:
                      https://www.youtube.com/watch?v=prDsSjywWag
                      or scan the QR code and answer the following question:
                      Write any two qualities of an entrepreneur.

                4.2 TYPES OF ENTREPRENEURS

                There are various types of entrepreneurs. Let us learn about some of them in detail.

                4.2.1 Entrepreneurs Who Provide Services

                Entrepreneurs either create a new market for their services or introduce their offerings within an existing market. They
                identify an idea and turn it into a service that is either unique or not available in the market. It is fundamentally a service,
                regardless of the kind or scale of operation.

                4.2.2 Entrepreneurs in Business

                These are entrepreneurs who engage in commercial and trading activities but are not involved in production. A business
                entrepreneur recognises a product's market potential. From that point forward, it is the responsibility of the company
                and  trading  entrepreneur  to  stimulate  demand  for  the  goods.  The  product  may  exist  in  a  foreign  market,  but  the
                individual can increase demand for it in the local market.
                4.2.3 Entrepreneurs in Industry

                An  industrial  entrepreneur  is  simply  a  manufacturer  who  recognises  client  requirements  and  develops  products  or
                services to meet those demands. Such an entrepreneur is product-oriented, beginning with an industrial unit to generate
                a product, such as an electronic industry, textile unit, machine tools, manufacturing unit, and so on.

                                                                                          Entrepreneurial Skills-IV  85

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