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Unit Entrepreneurship - Part A Important Notes

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7 views2 pages

Unit Entrepreneurship - Part A Important Notes

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sdesad575
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Session 1: Entrepreneurship and Society

Entrepreneurs run their businesses in a market. The market has people who buy products and services and people
who sell them also. When people are buying and selling from each other, it is helpful for everyone because everyone
involved makes money. This is how entrepreneurs help in growing the area and society they live in.
what do entrepreneurs do when they run their business?
Fulfil Customer Needs
Demand means a product or service that people want. Entrepreneurs find out what people want. Then, they use their
creativity to come up with a business idea that
will meet that demand.
Use Local Materials
Entrepreneurs use the material and people available around them, to make products at low cost.
Help Society
Entrepreneurs have a positive relationship with society. They make profits through activities that benefit society. Some
entrepreneurs work towards saving the environment, some give money to build schools and hospitals. This way, the
people and area around them becomes better.
Create Jobs
With the growth of a business, entrepreneurs look for more people to help them. They buy more material, and from
more people. The also hire more people to work for
them. In this way, more people have jobs. Sharing of Wealth Wealth means having enough money to live a
comfortable life. As entrepreneurs grow their business, the people
Lower Price of Products
As more entrepreneurs sell the same product, the price of the product goes down. For example, when more mobile
phones were getting sold in India, the cost of the
phone became lesser.
Bharti, the Jewellery Queen ( A Story)
Bharti is a young woman from Bihar. Many girls in her area like to wear earrings. She buys jute from a farmer and
makes earrings from that. Her business is called Manavi Natural Handicrafts. She sees that most women in her village
do not work. So, she hires two women to help her. As her orders increase, she buys more jute. She hires three more
women to work for her. The farmer, and the women working for her now earn more money.

Session 2: Qualities and Functions of an Entrepreneur

Qualities of an Entrepreneur
Functions of an Entrepreneur

Session 3: Myths about Entrepreneurship

Misconceptions
1. The misconception is that every business idea needs to be unique or special.
2. The misconception we have is that a person needs a lot of money to start a business.
3. A misconception we have is that only a person having a big business is an entrepreneur.
4. A misconception we have is that entrepreneurs are born, not made.

Session 4: Entrepreneurship as a Career Option

A career is a line of work that a person takes for life. There are two ways a person can earn a living.
1. self-employment
2. wage employment
A person who becomes an entrepreneur goes through a career process. This process is as follows:
ENTER
When an entrepreneur is starting, they are just entering the market to do business.
For example, Sanjana is starting a small grocery store in a locality.
SURVIVE
There are many entrepreneurs in the market. The entrepreneur has to remain in a competitive market.
For example, there are many other grocery stores in the area. Yet, Sanjana’s store survives the competition and does
well. She also expands the store to two more floors.
GROW
Once the business is stable, an entrepreneur thinks about expanding his or her business.
For example, after five years, Sanjana has opened a chain of four more grocery stores in the same city. In the
next two years, she plans to expand to tow other cities.

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