Page 98 - Trackpad 402_Class-X_Final
P. 98

•  Entrepreneurs take lots of risks: Entrepreneurs do not always take lots of risks or put their business in high-risk
                IMPORTANCE OF ENTREPRENEURS                                                                                             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
        An entrepreneur does the maximum utilization of resources for the production and management of his business which               his mistakes. He thinks twice before he does any action. He uses a hit and trial method to succeed in his venture.
        plays an important role in the development of any country. The importance of an entrepreneur for the development                Knowledge of everything or a good educational degree will never be a criterion to be a successful entrepreneur.
        of the country are listed below:
                                                                                                                                        Instead, they are always on the road of learning and put in their best efforts to prove their entrepreneur skills.
        •  Free Market Evolution: Free market is a place where the production of a product is controlled by the demand and            •  A lot of money is required to start any business: The amount of money you invest in a business varies depending
          supply of a product. Entrepreneurs are important in a free market as they create a demand for the existing products           on the type of business. If you are selling an idea then no investment is required. Somewhere you need very little
          in an innovative way matching with the consumer preferences.                                                                  money to begin and survive in a business. Depending on how much money you have or can borrow, you can start a
        •  Efficiency  Improvements: An  entrepreneur boosts up  the country’s economy by providing  new ventures with                  business with that much money. Once you make more money, you can put that into your business to make it bigger.
          improved infrastructure, jobs to the people, and good quality products with the implementation of new updated
          technologies. All this helps in improving the standard of living of the people in the society.
        •  New Markets: An entrepreneur brings new and innovative ideas to his business to create a new demand for his                        ENTREPRENEURSHIP AS A CAREER OPTION
          products that helps in creating a new market. UBER company owners provided taxi services in a new way of hiring             Every entrepreneur has a different reason to start his own business. Some were
          people with cars and then serving to the people in need through a common platform. All this created a new market            sure from the beginning that they wanted to be self-employed and work for
          of taxi booking through online platforms.                                                                                   themselves. Others after working for fixed hours and fixed salaries as waged
        •  New Values: Many of the entrepreneurs provide new values by creating or promoting ethical products that help in the        employed decided to shift to entrepreneurship. After getting the awareness of
          welfare of a society. They bring awareness like products are not testing on animals, they are chemical free that do not     the two career choices, it is important to understand how taking the route of
          contribute to the pollution of the environment, pesticide free and ecofriendly and do not support child labour.             entrepreneurship benefits an individual.

                                                                                                                                      A person who becomes an entrepreneur goes through a career process. This process is as follows:

                Tick ( ) if you know this.                                                                                            •  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.
                  Entrepreneurs are considered as ‘Agents of Change’.
                                                                                                                                      •  Survive: It means to remain in the competitive market in between other entrepreneurs dealing with the same
                  An entrepreneur is the master of his own plans.                                                                       business. For example, there are many other stationary stores in the area. But still Amit is surviving the competition

                  Discovering a new idea is the first and the important phase of the entrepreneurship process.                          and does well. He even bought the next-door shop and expanded his small store to make a big fancy stationary
                                                                                                                                        outlet.
                  An entrepreneur is a self-confident person as he believes in his own vision and abilities.
                                                                                                                                      •  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.
                MYTHS/MISCONCEPTIONS ABOUT ENTREPRENEURSHIP
                                                                                                                                      Some of the job opportunities in entrepreneurship are:
        Following are some of the myths/misconceptions about entrepreneurship:                                                        •  Business consultants
        •  Entrepreneurs are born not made: Entrepreneurship is a learned skill, not a natural-born ability. It takes immense         •  New venture developers
          dedication, discipline, and hard work to become a successful entrepreneur. It involves creating unique business             •  Fundraisers and money providers
          ideas followed by launching and running a new venture.                                                                      •  Freelancers in different fields
        •  All entrepreneurs have great ideas: It is not always a new idea that makes                                                 •  Market manager
          you an entrepreneur. You can take an existing idea and make your own                                                        •  Start or own a business
          business out of it. Only it needs a potential idea and a proper execution to
          become reality.                                                                                                             •  Franchise operators
        •  The only requirement is a good idea: Only a good idea is not enough to                                                     •  Research and development executives
          make you a successful entrepreneur. You need resources, capital, a good                                                     •  Educationist
          market to sell your products, things in your favour to make the business                                                    •  Financial advisors
          happen the way you want.                                                                                                    •  Web developers
        •  Businesses either flourishes or fails: A venture is not always a success or a failure. You may have a venture which        •  System analysts
          is able to sustain itself well in the market. You may be facing no loss and no gain for a long time or sometimes you
          have little growth and you sustain for years in the market. There’s a lot of patience and strategy required to run it in    Before you plan to start your own business, you need to introspect yourself whether you should go for it or not by
          a mode where it maintains its dignity in the market.                                                                        asking the following questions:

          98    Trackpad Information Technology-X
   93   94   95   96   97   98   99   100   101   102   103