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4.4.4 Need to Exert Influence

The entrepreneur feels that ideas can be revolutionary and expects them to have a significant impact on the world. Many
entrepreneurs' ideas have influenced the world, with some completely transforming its landscape.
A wage employee is someone who works for a person or organisation and is compensated for their efforts. An
entrepreneur is a self-employed individual who wants to improve his or her business by taking risks and experimenting
with new ideas.
Entrepreneurship is the process of starting and managing a business, taking risks to earn financial returns. Consider the
following story:
Pooja belonged to a poor family and was born deaf. She started working in the neighbourhood restaurant as
a daily wage worker when she was 11 years old to supplement the family income. She was assigned work in
the kitchen. During her free time in the restaurant, her co-worker used to let her borrow her mobile so that
Pooja could learn sign language by watching videos on the internet. By the time, Pooja was 20 years old, she
was an excellent cook and could communicate easily using sign language. Now, Pooja started her own tiffin
service. She would provide home cooked meals to offices nearby. Soon her small business started doing well.
Here are some details you learn from Pooja’s story:
a. She was a wage employee when she worked in her neighbourhood restaurant because she was working for someone.
b. She started her own food business. She became an entrepreneur as she risked testing new ideas.

4.5 IDENTIFYING POSSIBILITIES AND TAKING RISKS

Finding the correct business opportunity for a new entrepreneur is a vital question. Should the new venture concentrate
on developing a new product or service? Should the venture choose an established product or service from one market
and sell it in another, where it may be unavailable?
The following are some methods for prospective entrepreneurs to identify new business opportunities and assess their
potentials and hazards.
• Community Concerns: Look for problems that are important to your community. Starting small might have a big
payoff in some cases. Determine areas of inefficiency, evaluate how an innovation can provide solutions, and weigh
the potential dangers.
• Personal experiences: The experiences and challenges encountered by entrepreneurs often give rise to powerful,
transformative ideas. If you want to be an entrepreneur, you should listen to and be inspired by the personal experiences
of great entrepreneurs. Their experiences may teach you valuable lessons in entrepreneurship and provide insights
into certain company tactics that you can use to achieve success.
• Discuss with others: Engage with like-minded individuals, participate in social groups, and join local startup
communities. Often, conversations with others can unveil new opportunities and provide valuable insights. Such
interactions also help you understand the finer details of running a business.
It is all about finding the appropriate opportunity and taking the leap of faith for an entrepreneur. Elon Musk had
the basic concept of creating a sustainable future through electric vehicles. His simple idea launched a ‘clean energy
revolution,’ and today, practically all of us associate Tesla with innovation in transportation and renewable energy,
transforming the global automotive industry.

4.6 STARTUPS

Scan the QR code or visit the following link to watch the video: What is a Startup? | Startup Meaning and
Types | The Money Gig

https://www.youtube.com/watch?v=9vpnrNcAi9s
So, you can understand from the video that a startup is a business that is in its early stages of development. A startup
and a regular company venture are not the same, especially when it comes to growth. A startup is frequently financed
by the founders until the business gains traction and attracts outside money or investment.

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