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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.
Entrepreneurial Skills-II 91

