Entrepreneurship and society

Hello students, welcome to Kwickprep. When a young person opens a small tiffin service, who benefits? Only the owner? No, the whole neighbourhood does. Today we will learn what entrepreneurship is, and how entrepreneurs help society grow.

Let us understand three words first. An entrepreneur is a person who spots a need, takes a risk and starts a business to meet that need. Entrepreneurship is the whole process of setting up and running that business. Society means the people and community we live with, including families, workers and customers.

Business and society are connected in both directions. Society gives a business its customers, its workers, its raw material and even its ideas. In return, the business gives society useful goods and services, jobs and income. So when one grows, the other grows too.

Here are five ways entrepreneurs help society. First, they solve problems, like selling water purifiers where tap water is unsafe. Second, they create jobs, because even a small bakery employs local people. Third, they use local resources, like bamboo or handloom, which might otherwise go waste. Fourth, they grow the economy, since businesses pay taxes such as GST that build roads and schools. Fifth, they improve the standard of living with better and cheaper products and services.

Entrepreneurs also help different regions grow equally, which is called balanced regional development. When someone opens a food processing unit in a village or small town, the area gets new work. People do not have to move to big cities for jobs. And the money earned is spent locally, so nearby shops and farmers also benefit.

Let us see a real Indian example. Amul began in nineteen forty six as a milk cooperative in Anand, Gujarat, where farmers came together to sell milk fairly. The dairy farmers themselves own it, so the profit goes back to them. Its model spread across the country and helped make India the world's largest milk producer.

Here is another story. Shri Mahila Griha Udyog Lijjat Papad was started in nineteen fifty nine by seven women in Mumbai. They began with a borrowed amount of just eighty rupees. Today it gives work and a steady income to thousands of women, who are its members.

Some entrepreneurs start a business mainly to fix a problem in society. They are called social entrepreneurs. Their main aim is to solve a social problem, and any profit is used to help more people. For example, Arunachalam Muruganantham built a low-cost machine to make sanitary pads, and others sell solar lamps to homes without steady electricity.

Society and the government support entrepreneurs too. Startup India, launched in twenty sixteen, recognises new startups and helps them with easier rules and some tax benefits. Mudra loans give small loans to tiny businesses. Skill India trains young people in job and business skills. And families and local customers give trust and the very first sales.

A good entrepreneur also has duties towards society. Pause and think, what should a business give back? It should charge honest prices and sell good quality products. It should pay fair wages and keep workers safe. It should protect the environment, for example by reducing plastic and waste. And it should pay its taxes on time.

Let us revise what we learned today. Entrepreneurs spot a need and start a business to meet it. Society gives the business its customers, workers and resources. In return, entrepreneurs give jobs, products, taxes and growth. Social entrepreneurs start businesses mainly to solve social problems, like Muruganantham did. And a good business always acts responsibly towards the society around it.