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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