Entrepreneurial Skills

What is Entrepreneurship?
Entrepreneurship is the act of creating a business or businesses while building
and scaling it to generate a profit. In economics, entrepreneurship combined with
land, labor, natural resources and capital can produce profit.

What is an Entrepreneur?

An entrepreneur is a person who sets up a business with the aim to make a

profit. An entrepreneur can be a person who sets up their first online store on
the side or a freelancer just starting out
Role or importance of Entrepreneur
 importance of Entrepreneurship
Entrepreneurs create jobs:

Entrepreneurs dream big so naturally some of their ideas will make worldwide
change. They might create a new product that solves a burning problem or
take on the challenge to explore something never explored before. Many
believe in improving the world with their products, ideas or businesses.

Entrepreneurs give to society:

While some have this notion of the rich being evil and greedy, they often do
more for the greater good than the average person. They make more money and
thus pay more in taxes which helps fund social services. Entrepreneurs are some
of the biggest donors to charities and nonprofits for various causes. Some seek
to invest their money in creating solutions to help poorer communities have
access to things we take for granted like clean drinking water and good health
care.
Entrepreneurs add to national income:

Entrepreneurship generates new wealth in an economy. New ideas and

improved products or services from entrepreneurs allow for the growth of
new markets and new wealth to be created in an economy. Adding to that,
increased level of employment and earnings add to the national income.

Wealth Creation and Sharing: By establishing the business entity, entrepreneurs

invest their own resources and attract capital (in the form of debt, equity, etc.)
from investors, lenders and the public. This mobilizes public wealth and allows
people to benefit from the success of entrepreneurs and growing businesses.

Standard of Living: Increase in the standard of living of people in a community is yet

another key goal of economic development. Entrepreneurs again play a key role in
increasing the standard of living in a community. They do this not just by creating jobs, but
also by developing and adopting innovations that lead to improvements in the quality of
life of their employees, customers, and other stakeholders in the community.
 Qualities that makes entrepreneurs succeed
1. Disciplined
These individuals are focused on making their businesses work, and
eliminate any hindrances or distractions to their goals.

2. Confidence
The entrepreneur does not ask questions about whether they can
succeed or whether they are worthy of success. They are
confident with the knowledge that they will make their
businesses succeed.
3. Open Minded
Entrepreneurs realize that every event and situation is a business
opportunity. Ideas are constantly being generated about workflows
and efficiency, people skills and potential new businesses. They
have the ability to look at everything around them and focus it
toward their goals.
4. Self Starter
Entrepreneurs know that if something needs to be done, they should start
it themselves. They set the parameters and make sure that projects follow
that path. They are proactive, not waiting for someone to give them
permission.

5. Competitive
Many companies are formed because an entrepreneur knows that they
can do a job better than another. They need to win at the sports they
play and need to win at the businesses that they create. An
entrepreneur will highlight their own company’s track record of success.

6. Creativity
One facet of creativity is being able to make connections between
seemingly unrelated events or situations. Entrepreneurs often come up
with solutions which are the synthesis of other items. They will
repurpose products to market them to new industries.
7. Determination
Entrepreneurs are not thwarted by their defeats. They look at defeat as an
opportunity for success. They are determined to make all of their
endeavors succeed, so will try and try again until it does. Successful
entrepreneurs do not believe that something cannot be done.

8. Strong people skills

The entrepreneur has strong communication skills to sell the product and
motivate employees. Most successful entrepreneurs know how to
motivate their employees so the business grows overall. They are very
good at highlighting the benefits of any situation and coaching others to
their success.

9. Strong work ethic

The successful entrepreneur will often be the first person to arrive at
the office and the last one to leave. They will come in on their days off
to make sure that an outcome meets their expectations. Their mind is
constantly on their work, whether they are in or out of the workplace.
10. Passion
Passion is the most important trait of the successful entrepreneur. They
genuinely love their work. They are willing to put in those extra hours to
make the business succeed because there is a joy their business gives which
goes beyond the money. The successful entrepreneur will always be reading
and researching ways to make the business better.
 Ritesh Agarwal

Ritesh Agarwal’s (Young Indian Entrepreneur) entrepreneurial journey is one of the

most successful entrepreneur stories in India. After dropping out of college, he
launched his first start-up Oravel Stays, which was a budget hotel chain that provided
B&B. And that elevated to OYO rooms from when he realized no other service offered
a room for a budget traveler. Begun with only 11 rooms in a Gurgaon hotel, OYO
rooms is now a hub for elite hotel stays with 65000 rooms in about 5500 properties
across India.
Sreelakshmi Suresh

A name to remember, Sreelakshmi Suresh (Young Indian Entrepreneur), the youngest

web designer and CEO in the world has many accolades to her name. A recipient of many
national and international awards, she started climbing the success ladder at the mere
age of 10, when she established eDesign — a venture which is now a web designing
company that offers SEO, web design, and other web — related services. Sreelakshmi has
developed over 100 websites for renowned institutions and organizations across India!
 Shravan and Sanjay Kumaran

Shravan and Sanjay (Young Indian Entrepreneur), siblings aged 17 and 15 respectively
are the youngest upcoming entrepreneurs of India. Together, they are the brain behind
GoDimensions. The aim of the company is to develop a simple technological solution
for the digital world. They are the youngest Mobile Application Developers in India.
When asked about how they managed to achieve this feat, the brothers responded by
saying “reading books and solving the problems given to them”. These two develop
applications for both, Android as well as IOS platforms.
 Tilak Mehta

Meet Tilak Mehta (Young Indian Entrepreneur), a 13-year-old boy, who launched his
company Papers N Parcels in 2018, to ease courier services in Mumbai. Known as
“Papers N Parcels“, his startup is dedicated to carrying small parcels and papers within
Mumbai for an assured intra-day delivery.Tilak Mehta is like any other Mumbai teenager.
The 13-year-old attends a suburban school studying in Class VIII, and rues about his
father coming home from work late and tired.But the similarities stop there. Tilak is a
budding entrepreneur who has founded a logistics start-up, sold the idea to a banker and
convinced him to quit the job and join him as the Chief Executive, and also roped in the
famed Dabbawalas to help him with the last-mile distribution.