ENTREPRENEURAL SKILLS - CBSE - CLASS : X

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WHAT IS ENTREPRENEURSHIP?

        An Entrepreneur is a person who is self-employed is willing to take a calculated risk and brings in a new idea to start a business.

        Entrepreneurshipisdefinedas the act of starting and running your own business or a tendency to be creative and wish to work for yourself in your own ventures. An example of entrepreneurship is a person who is running his own business.

Enterprise

An enterprise is a project or undertaking that is bold and fulfills a need of the society which no one has ever addressed.



ROLE OF ENTREPRENEURSHIP
Economic Development —Money in Circulation-As entrepreneurs create value by making available better and cheaper products and services for customers, the economy grows.
Social Development —Creation of Jobs-A business started by an entrepreneur is usually a very small business in the beginning. If it becomes successful and grows, the entrepreneur expands the business.As the business grows, it needs more work to be done and so creates more jobs.
Improved Standard of Living —More things available to live a comfortable life-When entrepreneurs sell products like a tractor, a mobile phone or a mobile service, it helps people live a more comfortable life.
Optimal Use of Resources-There are various natural resources present around us renewable and non-renewable. Entrepreneurs keep working to find the most optimal ways of using the resources to reduce costs and increase their profits.
More Benefits at Lower Prices Products and Services at Competitive Prices-As entrepreneurs compete in the market, prices of products come down. For example, a phone which used to cost at least Rs. 20,000 when phones were first launched can now be bought even for Rs 4,000.


QUALITIES OF A SUCCESSFUL ENTREPRENEUR
  • They are confident. They believe in themselves and their abilities.
  • They keep trying new ideas in their business.
  • They are patient.
  • They are creative and think differently about business ideas.
  • They take responsibility for their actions.
  • They take decisions after thinking about them.
  • They work hard.
  • They do not give up when they face difficulty.



CHARACTERISTICS OF ENTREPRENEURSHIP
1. Ability to take up risks
2. Believe in hard work and discipline
3. Adaptable and flexible to achieve the goals of enhancing quality and customer satisfaction
4. Knowledge of the product and services and their need or demand in the market
5. Financial literacy and money management skills
6. Effective planning and execution.



TYPES OF BUSINESS ACTIVITIES
Three types of business activities:
• Product business
• Service business
• Hybrid business
Product business
A business where a seller and buyer exchange an item, which can be seen and touched, is called a product-based business. For example, a Sports Shop.
Service business
A business where a seller helps the buyer to finish some work. For example, a cricket coaching center.
Hybrid business
A hybrid is the one where the business is doing both
selling products and selling services. For example, Rahul started a sports academy for coaching and selling sports equipment.

PRODUCT BUSINESS

SERVICE BUSINESS



HYBRID BUSINESS






Idea-The first step is to come up with a business idea. A business idea could be based on
(a) Something you are interested in doing (For example, making Dosa)
(b) A need you see in the market (For example, Tasty food next to the station)
Getting money and material-Once you have the idea, you can start on a small scale with some money which will help you in buying basic material.
Understanding customer needs-Once you start selling, you will find out what your customer likes and wants. You will also find out what your customer does not like during this
StageImprovingProduct/service-You can use this knowledge of what your customer likes and does not like to improve your product. (For example, Prem’s customers liked variety)









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