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Unit-4 ENTREPRENEURIAL SKILLS-I
ENTREPRENEURSHIP 5
‘The eternal power has bestowed each of us with some destined work or assignments in our life’.
There are numerous types of work and assignments that are being done by a human in his day to
day life, as a result of which the cycle of development of human life, society and civilisation does
not stop. Concurrently, it is assumed that everyone has to work for their livelihood. When we talk
about working to earn a livelihood or for a better standard of living, we find or get into some
kind of employment. In the process in which some people work for themselves, some for others
and some under others. If you are working for yourself independently and generating your own
income rather than receiving a salary, then you are self-employed.
A self-employed person establishes his own unit or firm to earn by implementing his own
innovative ideas, applying his creativity and management skills and generating his own resources.
Self-employment is working for your own job individually or collectively.
An individual who is determined to be self-employed and starts his/her own venture with a sense
of ownership is known as an ‘Entrepreneur’. These people run their own businesses, taste the fruit
of success and are also responsible for failure. They dream for their enterprise to grow and are
willing to do whatever it takes to turn their idea into reality.
The aim of an entrepreneur is to create an ‘Enterprise’. The process of transforming a business
concept into a bigger business enterprise, through planning and management skills is said to be
‘Entrepreneurship’.
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