(Under the Supervision of Ministry of education and Higher Education, Qatar)

Academic Year 2024-25

School Vision: To develop a purposeful and resilient institution to meet with the life-goals and
aspirations of our children, parents and staff.

Employability Skills Entrepreneurial Skills- Notes

Session 1:
Entrepreneurship and Society
Entrepreneurship plays an influential role in the economic growth and standard of living
of a society.
➢ Helps in wealth creation and sharing
➢ Creating employment opportunities jobs
➢ Innovation
➢ Balanced regional development
➢ Improves standards of living of people
There are mainly two ways by which a person earns a living – wage employment and
self-employment. Wage Employed people work for someone else and get paid.
Selfemployed people start their own businesses to satisfy public demands.

A self-employed person who is always trying to make his/her business better by taking
some risks and experimenting with new ideas is an entrepreneur.

Example: Ramya and Ramu both own plant shops. Ramu sits at his shop every day.
When customers come, he sells to them. Ramya walks around and gets customers to
her shop. She also sells seeds and flowers with her plants. Ramya is working to do
more and grow her business. She has also added a different idea to her business. So,
Ramya is an entrepreneur and Ramu is a businessman.
Where do these entrepreneurs do their business?

Answer: Entrepreneurs run their businesses in a market. The market consists of people
who buy products or services and also the people who sell them. Thus, in the market
people are involved in both buying and selling, it is helpful for everyone as everyone
involved in these economic activities earns money. And in this way entrepreneurs help
in growing the area and society they live in.

What entrepreneurs do when they run their businesses?

Answer:

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 • Fulfill Customer Needs
Entrepreneurs identify the problems that people face and based on their demands,
Entrepreneurs start their businesses and make money.

• Help Society
Entrepreneurs work towards fulfilling the demands of people and thus making profits.
They also contribute their money towards the welfare and development of society. For
Example, building schools and hospitals etc.

• Sharing of Wealth
As the business grows Entrepreneurs and people working with them tend to enjoy a
good lifestyle because they create more and more wealth from their business for
themselves.

• Use Local Materials

To reduce the production cost and increase profits at the same time, Entrepreneurs
tend to buy their raw materials from the local market. Thus they also help local
businesses.

• Create Jobs
As their businesses grow, they hire more people thus creating more jobs in society.

• Lower Price of Products

As the number of entrepreneurs increases, the number of entrepreneurs selling the
same product also increases, and as a result of healthy competition, the prices of
products go down significantly.

Session 2:
Qualities and Functions of an Entrepreneur Qualities
of an Entrepreneur
➢ They are confident
➢ Creative,
➢ Hardworking, ➢ Patient, and ➢ Responsible.
Functions of an Entrepreneur
➢ Making decisions: An Entrepreneur makes decision every day. This includes,
what to produce or sell, how much and where to sell.
➢ Managing the business: An entrepreneur plans the future of his or her
business. He/she arranges for raw material, hires people for work and tells
everyone what to do. They also check if the plan is being followed
➢ Divide the income: The entrepreneur divides the business money to many
groups. He/she spends money to buy material, pays rent of the building and
salaries to people.
➢ Take risks: Risk is the chance of something going wrong. An entrepreneur takes
risks against fires, lost items and theft.

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 ➢ Creating a new method, product, or idea: An entrepreneur is always trying
new things. He/she does this to increase their importance and income Session
3:
Myths about Entrepreneurship
A myth, or a misconception, is a false belief or opinion about something.

For example, if we think tall people run faster than short people, we have a
misconception. It is not true. The truth is that short people can also run fast.

In the same way, here are some misconceptions we might have about
entrepreneurship. We will also read about the actual truth.

1. The misconception is that every business idea needs to be unique special.

Truth: A person can take an idea that is already there in the market and do something
different with it.

2. The misconception we have is that a person needs a lot of money to start

a business.

Truth: The money used to start a business is called capital. Capital is important for
starting. However, every business does not need a lot of capital to start.

3. A misconception we have is that only a person having a big business is an

entrepreneur.
Truth: No business is big or small. If a person is running a business to fulfill a
customer’s need, they are an entrepreneur. Most businesses start small. It becomes big
with hard work and creativity.
4. A misconception we have is that entrepreneurs are born, not made.

Truth: An entrepreneur is a person who does whatever it takes to make the business
successful. Being an entrepreneur starts with a way of thinking. You must believe that
anything is possible and it shall be achieved. It starts with thinking of an idea that you
want to work on, making it different.

Session 4:

Entrepreneurship as a Career Option

As we have discussed earlier, there are two ways by which an individual can earn
money.

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1. Self-employment

2. Wage employment

For example, a doctor who works for a hospital is a wage-employed person. If the
same doctor has their own clinic, he or she is a self-employed person A person
becoming an entrepreneur goes through a three-step process.

Enter – Firstly, the entrepreneur enters the market to start a business.

Survive – As there are many other Entrepreneurs in the market, He/she faces
competition from other entrepreneurs.

Grow – As the business becomes more stable in the market then they look for ways to
expand it.

MCQs
1. Successful entrepreneurs have the __________ abilities.
a. They are confident
b. They keep trying new ideas
c. They are creative
d. All of the above

2. An _______________ is a person who is self – employed, is willing to

take a calculated risk and brings in a new idea to start a business.
a. Software Engineer
b. Entrepreneur
c. Civil Engineer
d. Mechanical Engineer
3. The process of developing a business plan, launching and running a
business using innovation to meet customer needs and to make a profit is
__________________.
a. Software Engineer
b. Entrepreneur
c. Civil Engineer
d. Mechanical Engineer
4. A self employed person who is always trying to make his/her business
better by taking risks and trying new ideas is an _________. a. Business
Man
b. Entrepreneur

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c. Employer
d. None of the above
5. What do entrepreneurs do when she/he runs their business?

a. Fulfill Customer Needs

b. Use Local Materials
c. Create Jobs
d. All of the above

6. What are the qualities of successful entrepreneurs?

a. Fulfill customer needs
b. Use Local Materials & lower price of product
c. Help Society
d. All of the above
7. Business is a type of economic activity that involves the constant and
regular production and distribution of _____________ and ____________ to
meet human needs. a. Purchase, Sells
b. Goods, Services
c. Service, Payment
d. Service, Money
8. What are the qualities of an Entrepreneur?
a. You must believe in yourself.
b. Be patient because I know success will come soon
c. Be creative and problem solving
d. All of the above
9. There are various natural resources present around us _____________.
Entrepreneurs keep working to find the most optimal ways of using the
resources to reduce costs and increase their profits. a. Renewable
b. Non-renewable
c. Both a) and b)
d. None of the above
10. It is important for an entrepreneur to be __________ in running a
business. a. Patient
b. New Idea
c. Both a) and b)
d. None of the above
11. When a person begins a business, he or she may encounter several
challenges and failures. Even while taking a significant risk, an
entrepreneur must think _____________. a. Positively
b. Negatively

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c. Both a) and b)
d. None of the above
12. The ability to handle take risks is a ____________
a. Quality of Entrepreneur
b. Role of Entrepreneur
c. Characteristics of Entrepreneurship
d. None of the above
13. It is necessary for an entrepreneur to continuously _________ towards
his/her own and company’s goals. a. Work Hard
b. Always take rest
c. Not participate actively
d. None of the above
14. Entrepreneurs need to be open to __________and try them without fear
of failure.
a. Invest all of money
b. New Ideas
c. Both a) and b)
d. None of the above
15. Qualities of entrepreneurs are
a. Never giving up
b. Hard working
c. Perseverance
d. All of the above
16. Experimenting with many ideas is a quality related to __________.
a. Perseverance
b. Confidence
c. Creativity
d. Trial and error
17. Entrepreneur’s creativity and innovation quality are related to
__________
a. Positive
b. Patience
c. Solution
d. Hard Working
18. Ravi’s customer comes to his store and begins shouting at him. Ravi
does not get angry, but instead listens patiently to the customer. This
demonstrates that Ravi is: a. Hardworking
b. Confident
c. Patient

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d. Willing to try new ideas
19.Susheela decides to sell her company’s tires in Sri Lanka, but they do
not sell and she experiences a financial loss. Susheela apologizes to her
employees and says she will plan better next time. This situation illustrates
that Susheela:
a. Takes responsibility for her mistakes
b. Thinks before making decisions
c. Does not give up
d. Is creative
20. What do entrepreneurs do when they identify a need in the market?
a. They build a product or service to meet that need.
b. They ignore the need.
c. They copy the existing products or services.
d. None of the above.
21. How does society play a role in boosting entrepreneurship?
a. Providing raw materials
b. Creating needs and demands
c. Both of the above
d. None of the above

22. What are the adverse impacts of entrepreneurship on society?

a. Environmental degradation
b. Trade imbalance
c. Labour exploitation
d. All of the above

23. How do entrepreneurship skills help individuals?

a. To develop the ability to handle failure.
b. In making a difference to society.
c. To develop critical thinking.
d. All of the above

24. How does agricultural entrepreneurship help farmers?

a. Finding low-cost innovations in farming processes.
b. Giving loans to farmers
c. Giving jobs to the family members of farmers.
d. All of the above

25. What is women entrepreneurship?

a. Agricultural entrepreneurship
b. Small scale entrepreneurship

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c. Social entrepreneurship
d. An enterprise owned and controlled by a woman and giving at least 51% of the
employment generated in the enterprise to women.

Short answer questions:

1. What is Entrepreneurship?
2. What are the Characteristics of Entrepreneurs?
3. What are the qualities of an entrepreneur?
4. What are the misconceptions of Entrepreneurship?
5. What do entrepreneurs when they run their business?
6. What qualities are required for successful entrepreneurs?

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