Question

Entrepreneurs

Answer 1

An entrepreneur is a person who runs his own business taking all risks rather than working as an employee. An entrepreneur is a person who has creative ideas, strong innovative power, will to frame effective strategies for the success of the organization.

Entrepreneurs play an important role in any economy and they have a major contribution to our economy also. These people have the professional skills and creativity ideas to anticipate present and future needs and accordingly present the new goods and services to market. Entrepreneurs help in reducing unemployment by providing enough job opportunities to the unemployed group. Entrepreneurs help the govt. in improving the economic conditions of the country by sharing new innovative ideas. These persons who prove to be triumphant in their business are rewarded with profits and good reputation in the market whereas those unable to handle the loads of business suffer losses and also have less importance in the market.

Entrepreneurs start a business mainly by hiring labour,acquiring capital and finances. At the initial phase of business an entrepreneur has to face a lot of obstacles which he has to overcome by applying his own creativity and leadership qualities. An entrepreneur is a person who knows how to minimize cost and maximize revenue which is helpful for the rapid growth of the economy. Entrepreneurs know how to move various resources to earn good revenues out of that. It is the entrepreneur who helps in making judgements about the uncertainty of the market. They help us in knowing the use of different technologies in our business also provides innovative ideas regarding the development of new and improved technologies.

Entrepreneurs also have contributions to society by involving poor and backward communities in their projects. They also support non-profit organizations and various charities by providing funds towards the upliftment of the backward sections of the society.