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Some of the important roles of an entrepreneur to bring social development are listed below:
• Create employment opportunities for many people.
• Provide basic necessities of the society.
• Innovate to improve quality of life of people.
• Bring regional development by providing better transportation and communication facilities.
• Redistribute the income and wealth.
• Provide more benefits at lower prices of products and services.
CORE SKILLS OF A SUCCESSFUL ENTREPRENEUR
Every successful entrepreneur has its own individual traits and qualities but some of the core skills of a successful
entrepreneur are listed below:
• An entrepreneur should always be disciplined, dedicated and hard working from a very early stage.
• He should always be highly optimistic and have a positive approach to deal with the obstacles in his business venture.
• He should be innovative at all stages to meet the dynamic needs of the customers and to increase market potential
of his business.
• He should be very calculative while taking risks to avoid any negative impact on his enterprise.
• He should have good social skills to build his network of potential investors, suppliers, customers, and creditors.
• He should be a confident person with good communication skills.
• He should maintain good relations with employees and society at large.
• He should have strong leadership qualities.
CHALLENGES OF AN ENTREPRENEURSHIP
Following are some of the challenges of an entrepreneur:
• No Regular Income: In the beginning of his new venture, an entrepreneur might have to bear loss. The phase of
earning profits comes after a long time which also fluctuates depending on the market and other factors.
• Emotional Risk: Feeling a large responsibility for the business may sometimes be scary and brings a lot of mental
instability. Funds management, unpredictable market, employees' reactions and sometimes less time for family may
lead to emotional setback.
• No Fixed Hours of Working: An entrepreneur will always be on toes and invest most of his time in building his
company. Sometimes, he may be involved in almost all the departments to make it work flawlessly.
• No Personal Time: Since an entrepreneur is almost working day and night very less time is left out for his family and
himself which might bring health hazards and family issues in the long run.
• Market and Operational Challenges: Due to the dynamic need of the market and fluctuation in its operational unit
to meet the changing demands, the business is always at risk. An entrepreneur always has to show his creativity at
all stages and throughout his tenure to keep up his business in demand.
• Management Issues: Running a business with people working under your command is always a big challenge, an
entrepreneur should always be working on the strategies to keep his employees happy which is a big challenge.
If the employees and their needs are not dealt properly, then the company might close down and then an
entrepreneur alone cannot keep his business running.
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