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UNIT

               4                                       Entrepreneurial Skills-II









                   Topics Covered                                                                          95%

                     Entrepreneurship and Society                      Work Done by an Entrepreneur
                     Qualities of an Entrepreneur                      Functions of an Entrepreneur
                     Role of an Entrepreneur                           Importance of Entrepreneurs
                     Myths/Misconceptions about Entrepreneurship       Entrepreneurship as a Career Option



            An entrepreneur is a person who makes his own business in an innovative manner and bears all the risk in the hope of
            gaining much profit and contributing to the economy of the country. Any person with a passion to fulfil his dreams of
            converting his ideas to real business and dealing with all the risks can become an entrepreneur.
            Entrepreneurship is a driving force of our modern global economy. It is an art of starting, surviving and growing a
            business in the market with competition all around.

            There are many myths and fears related to entrepreneurship. In this chapter, we will study about entrepreneurship
            activities and its impacts on society. If you wish to be a future entrepreneur then what qualities you should have and
            how you should prepare yourself.



                    ENTREPRENEURSHIP AND SOCIETY

            In the market, people buy products and services created by an entrepreneur. The money which an entrepreneur gets
            is used to buy raw material, pay salaries and invest in the business. This process of money circulation is helping all in
            the society.
            Entrepreneurship brings some positive impacts on society as listed below:
            •  They help in the economic growth of the country by boosting national income and tax revenue.
            •  Identifying existing opportunities in the market with new and improved products.
            •  Creates jobs and employment opportunities.
            •  They do business in a creative manner and help in raising the standard of the society.
            •  They provide developed infrastructure in the locality, improved network and good transport facility.
            •  They help in community projects and support local charities that contribute to the welfare of the society.
            Society also plays an important role in boosting entrepreneurship. Some of these are:

            •  Helps in providing the raw material for the business.
            •  Provides financial support through loans, shares, debentures etc.
            •  Provides policies and laws in favour of promoting entrepreneurship.
            •  Supports infrastructure development and network development.
            •  Provides a market with the needs and demands of the product.
            •  Creates a need for education and awareness for entrepreneurship.

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