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Lesson
8.11 Entrepreneurship

FACTS “Entrepreneur is a person who runs business for
to Understand earning profit”.
- Collins Barrow

The entrepreneur is a person who takes the risk of running a business by using resources
to develop a product or service and sell it, for example, to open the restaurant of your own.

Entrepreneurship is the willingness and capacity of developing business activities in
order to make profit. In other work, it is the process that develops an entrepreneur
and in turn various related activities grow.

Entrepreneurship is one of the pre-requisites of development.
There is a great contribution of entrepreneurship to bring changes
in the human lifestyle and their activities. It is necessary to
motivate every citizen for the development of entrepreneurship
because it contributes greatly to the nation’s economy as well
as personal growth. The term 'entrepreneurship' is developed
from the word 'entrepreneur' which means a person who starts
a business and is willing to take risk loss in order to make
money. The word is derived from a French world 'entreprendre'
which means to undertake.

Qualities of Successful Entrepreneurs

To become a successful entrepreneur, a person must be incorporated to the following
major qualities.

Confidence: Entrepreneurs are confident with the knowledge that they will
make their business successful. The entrepreneur believes their right action
and correct decisions rather than asking questions about their success.
Competitive: They know that they can do a job better than others. They need to
win at the business that they created.
Determination: Entrepreneurs have very strong will power. They do not get
frustrated by their defeats. They consider their defeat as an opportunity for
success. The successful entrepreneur is completely determined towards his
work. He will not leave any work incomplete.
Discipline: Discipline is an ornament of a successful entrepreneur. They are
very disciplined enough to take steps everyday toward the achievement of
their objectives.
Strong Communication Skills: The successful entrepreneurs have good
communication skills to motivate employees as well as to sell the products.
Politeness and charming personality favours them at any situation.

Dynamic Social Studies - Book IX 318