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• Entrepreneurs take lots of risks: Entrepreneurs do not always take lots of risks or put their business in high-risk
situations. Instead, they know very well how to take calculated risks.
• One must know everything and have a good degree before starting a business: An entrepreneur learns from
his mistakes. He thinks twice before he does any action. He uses a hit and trial method to succeed in his venture.
Knowledge of everything or a good educational degree will never be a criterion to be a successful entrepreneur.
Instead, they are always on the road of learning and put in their best efforts to prove their entrepreneur skills.
• A lot of money is required to start any business: The amount of money you invest in a business varies depending
on the type of business. If you are selling an idea then no investment is required. Somewhere you need very little
money to begin and survive in a business. Depending on how much money you have or can borrow, you can start a
business with that much money. Once you make more money, you can put that into your business to make it bigger.
ENTREPRENEURSHIP AS A CAREER OPTION
Every entrepreneur has a different reason to start his own business. Some were
sure from the beginning that they wanted to be self-employed and work for
themselves. Others after working for fixed hours and fixed salaries as waged
employed decided to shift to entrepreneurship. After getting the awareness of
the two career choices, it is important to understand how taking the route of
entrepreneurship benefits an individual.
A person who becomes an entrepreneur goes through a career process. This process is as follows:
• Enter: It means implementing the idea by starting a business and entering a new market. For example, Amit is
starting a small stationary store in his locality.
• Survive: It means to remain in the competitive market in between other entrepreneurs dealing with the same
business. For example, there are many other stationary stores in the area. But still Amit is surviving the competition
and does well. He even bought the next-door shop and expanded his small store to make a big fancy stationary
outlet.
• Grow: It means after attaining a reputation and stability an entrepreneur plans to expand the existing business. For
example, after a few years, Amit has opened a chain of three more stationary stores in the same city. He even plans
to expand it to other neighboring cities as a new brand.
Some of the job opportunities in entrepreneurship are:
• Business consultants
• New venture developers
• Fundraisers and money providers
• Freelancers in different fields
• Market manager
• Start or own a business
• Franchise operators
• Research and development executives
• Educationist
• Financial advisors
• Web developers
• System analysts
Before you plan to start your own business, you need to introspect yourself whether you should go for it or not by
asking the following questions:
Entrepreneurial Skills-II 99

