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•  Finance and Accounting: It refers to the recording and analyzing of business activities on the basis of available
              financial resources. It is very important to maintain the record of incoming and outgoing money so that its proper
              utilization is done. Money is needed for the initial setup of an organisation, paying the salaries of the employees,
              meeting the maintenance cost and further expansion and development of an organization.
            •  Marketing: It is the flow of the product or service from the hands of the producer into the hands of the end
              customer or user. An entrepreneur has to take care that marketing should be given an importance in highlighting
              the company’s greatest strengths with greater emphasis on their product's value to the customer. It is an important
              tool that can be used efficiently by newly launched companies to define their image in the minds of consumers.
            •  Human Resource Management: It refers to selection, recruitment, training, development and compensation of the
              employees in an organization. It takes care of the staff activities and the expectations so that the organization
              effectively uses the manpower to accomplish its mission and goals.



                     uiz Bee        Answer the following questions:
                                    1. Explain the term entrepreneur.
                                    2. What is the quality of a successful entrepreneur?
                                    3. Explain the following quality of a entrepreneur:
                                      a.  Hard Working                 b. Self-Confident




                    ROLE OF AN ENTREPRENEUR


            In order to become successful, an entrepreneur needs to perform different
            roles. The following are the roles of an entrepreneur:

            •  Innovator’s Role: An entrepreneurship is about new and creative ideas
              converted into a real world  of  business  which  is  beneficial  both  for
              the entrepreneur  in  making profits  and  for the customer  in  getting
              a new product in the market. All those once was just an idea but only
              entrepreneurs brought those ideas to life.
            •  Agent’s Role: Entrepreneurs are considered as ‘Agents of Change’. They look for opportunities that help in converting
              their dream or passion into reality by initiating and creating a business and converting all the challenges faced into
              a new successful product. This product creates a new market and helps in raising the standards of the community
              and contribute to the overall development of the economy.
            •  Risk Assumption  Role:  An entrepreneur assumes all  possible  risks of  business which  emerges due  unstable
              market conditions, change in the customers preferences, new emerging technologies in the production, change in
              environmental factors and fluctuations in the profits.
            •  Capital Formation Role: Setting up an enterprise needs investment. This investment is taken from personal savings,
              loans, shares etc. The money is utilized in the capital formation like developing infrastructure in the nearby area,
              developing the network and transport facilities. All these efforts help in the company trade and capital formation
              of the country.
            •  Employment Generation Role: Entrepreneurs generate employment for both skilled and unskilled labourers by
              setting up large- and small-scale businesses. This leads to the reduction in unemployment levels in the country.



                                  India currently houses the world's third largest startup ecosystem, with 38 firms being
                                  valued at over $1 billion.




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