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Q.

1- Discuss in detail the need and significance of


entrepreneurship in India?
Ans.1-Need and significance of Entrepreneurs in India

The need for entrepreneurs in an economy can be imbued with multiplicity of


justifications as listed below:
a. Entrepreneurs promote capital formation by mobilising the idle saving of the people.

b. They create immediate and large-scale employment by establishing small- scale


enterprises. Thus, they reduce the unemployment problem in the country, i.e., the root
cause of all socio-economic problems.

c. They promote balanced regional development by establishing small-scale


enterprises in rural, remote and less developed regions.

d. They help reduce the concentration of economic power.

e. They promote the equitable redistribution of wealth, income and even political power
in the interest of the country.

f. They encourage effective resource mobilization of capital and skill which might
otherwise remain unutilized and idle.

g. They, by establishing industries, induce backward and forward linkages which


stimulate the process of economic development in the country.

h. Last but no means the least; they also promote countrys export business, i.e. an
important ingredient to economic development.

Conclusion: If we could have an entrepreneur in every family, Indias economy would


sky rocket. We would then be able to take our rightful place as an economic super
power in the community of nations. Entrepreneurs create jobs. They create wealth.
They create products and services.
Q.2- Distinguish between Entrepreneur and manager
highlighting the traits required to be an entrepreneur?

A.2-Difference between an Entrepreneur and a Manager:

Traits Required to be an Entrepreneur:


1. Full of determination
When you set out to become an entrepreneur it will require you to set very clear goals
along the way. Growing your business, increasing sales and hiring new employees
require several micro-goals within them to be executed successfully.

2. Not afraid to take risks


Some of the most successful entrepreneurs took major risks, and they paid off in a big
way. Shark Tanks Barbara Corcoran turned a $1,000 loan into a $5 billion-dollar real
estate business that she sold for $66 million back in 2001.

3. High level of confidence


Entrepreneurs that have a high level of confidence are able to get the job done even
under the most stressful conditions. They understand that big challenges breed big
rewards. This is the same mentality that allows successful entrepreneurs to spot an
opportunity when most just see a possible challenge. When most focus on the
challenge, a successful entrepreneur focuses on the finish line and the end reward.

4. Craves learning
You have to stay sharp, and that requires that you are constantly learning. Industries
constantly change and evolve -- only those that are also growing through constant
learning will stay ahead. You will always have competitors breathing down your neck
trying to surpass you. There will always be someone claiming to be the next greatest
thing.

5. Understands failure is part of the game


Richard Branson said it best: Few first ventures work out. It is how a beginning
entrepreneur deals with failure that sets that person apart. In fact, failure is one of the
secrets to success, since some of the best ideas arise from the ashes of a shuttered
business.

6. Passionate about his or her business


Passion fuels the drive and determination required to be successful, whether you are
building a company from the ground up or buying an Internet business that already has
a proven track record.

7. Highly adaptable
If entrepreneurs had the ability to see what was hiding around each turn it would make
it much easier -- but unfortunately that is not the case. There can be surprises around
every corner, even with a well thought out plan and strategy.

8. Good understanding of money management


It doesnt matter if you are bootstrapping your business, using personal credit cards or
have millions of dollars from investors -- you must have excellent money management
skills. Poor financial decisions, such as overspending or allocating funds to less
important tasks can quickly ruin a business.

9. Expert at networking
A large collection of business cards and a huge contact list doesnt make you an expert
at networking. Building value-based relationships that are truly meaningful is what
networking is all about -- these are the relationships that lead to business opportunities
and long-term relationships that are mutually beneficial.

10. Ability to sell and promote


If you watch the TV show Shark Tank then you have certainly heard Mark Cuban tell
entrepreneurs on several occasions that knowing how to sell is an absolutely essential
part of being a successful business owner.
Q.3-Highlight the role of women
Entrepreneurs in India?
A.3-Role of Women Entrepreneurs in India
Economic role: Womens economic activities contribute directly to growth
and efficiency in dealing with informal business problems and poverty
reduction is one of the main issues for policy makers
i)Capital formation: Entrepreneurs mobilise the idle savings of the public
through the issue of industrial securities . Investment of public savings in
industry results in productive utilisation of national resources. The rate of
capital formation increases, which is essential for rapid economic growth.
ii) Improvement in Per capita Income: women entrepreneurs in India
have also been exploiting the opportunities the opportunities. They convert
the latent and idle resources like land, labour and capital in to national
income and wealth in the form of goods and services. They help increase the
countrys net national product and per capita which are important yardsticks
for measuring the economic growth.
iii) Generation of employment: Women entrepreneur in India are playing
an important role in generating employment both directly and indirectly. By
setting up small scale industries, they offer jobs to people.
Social Role: Women entrepreneurs are also contributing towards improving
the balanced regional development and improvement of living standards in
the country.
i)Balanced Regional Development: Women entrepreneurs in India to
remove regional disparities in economic development. They set up industries
in backward areas to avail of the resources concessions and subsidies
offered by government.
ii) Improvement in living standards: With the setting up of small scale
industries, reduction of scarcity of essential commodities and introducing
new products can be achieved. Women entrepreneurs in this country are
producing variety of goods on a large scale and offering them at low rates,
as a result, achieving improvement in the standard of life.
iii) Innovation: Innovation is the key to entrepreneurship. It implies the
commercial application of an invention. As an innovator, the entrepreneur
assumes the role of a pioneer and an industrial leader. Entrepreneurs have
contributed many innovations in the developing new products and in the
existing products and services. All these have resulted in economic
development by way of generating employment, more income etc.,
Other contributions: Women entrepreneurs are the main actresses in
charging the culture of the society. In our country, women are workaholics
and participate outside the house and develop the sense of independence
and the like. Thus women entrepreneurs in our country are directly or
indirectly playing an important role in environmental protection, back ward
and forward integration and are acting as charge agents, thus contributing
to the economic growth of the country.
Conclusion: In the majority of women operate their medium and small
enterprises under very adverse conditions. Not only is it difficult for them to
find premises, find markets for their products, access information and credit,
but they also have limited access to training especially in the rural areas.
Their educational levels are low, they are responsible for all the domestic
chores and they have to seek permission from their family members to
travel to trade fairs or for training, even if they do want to grow their
enterprises. Women entrepreneurs need to be better organised in to women
entrepreneurs Association which help identify higher potential business
opportunities, develop markets for their products, improve product quality
and marketing skills, practice good financial management and secure better
premises.

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