IT 402 Entrepreneurial Skills Class 10 Notes Important Points

Entrepreneurial Skills Class 10 Notes

A) Entrepreneur and Entrepreneurship :

An individual who creates a new business, bearing most of the risks to set up a business is called entrepreneur. The process of setting up a business is known as entrepreneurship. 

B) Entrepreneurship and Society :

There is a direct relationship between Entrepreneurship and Society. Due to entrepreneurial activity, society is provided with goods and services. In turn, society provides market for products and services provided by the entrepreneur.

Entrepreneurship has some positive impact on society such as:

1. Accentuates economic Growth
2. Fosters Creativity
3. Stimulates Innovation and Efficiency
4. Creates Jobs and Employment Opportunities
5. Solves the problems of the society
6. Encourages welfare of the society

Entrepreneurship has some negative impact on society such as:

1. Environmental Degradation
2. Trade imbalance
3. Labour exploitation

Society plays a role in boosting entrepreneurship by:

1. Creates needs and demands
2. Provides raw materials
3. Enables financial support
4. Creates a need for education
5. Catalyzes policy formation and reform
6. Facilitates networking
7. Supports infrastructure development

C) Some common entrepreneurship activities related to society include :

1) Social Entrepreneurship : It can be understood as creation of sustainable solutions for social problems that leads to social change. Many social problems are tackled by social entrepreneurs such as low reach of quality education, health and sanitation, unemployment, child Labour etc.

2) Agricultural Entrepreneurship: It can be defined as being primarily related to the marketing and production of inputs and products used in agricultural activities.

3) Women Entrepreneurship: It is referred to the entrepreneurial activity led by women, where women undertake risks, create enterprises, organize factors of production, innovate with products/services and generate employment opportunities.

4) Small Scale Entrepreneurship: It refers to starting industries in which manufacturing, trading, providing services, productions are done on a small scale or micro scale. These businesses serve as the backbone of many developing countries.

D) Qualities of an Entrepreneur :

1) Hard work: Without working hard, no entrepreneur can be successful. On an average, successful
entrepreneurs are found to be working anywhere between 60 to 90 hours per week

2) Optimism: Positivity and belief in what they do is what takes entrepreneurs far in their journey.

3) Independence: Entrepreneurs are confident and like the independence to drive a business on their own.

4) Energetic: Energy is always high in successful entrepreneurs which makes them extremely proactive.

5) Self-confident : Entrepreneurs are confident to take decision.

E) Functions of an Entrepreneur :

1) Organisation Building and Management : An entrepreneur builds the organization by taking various steps such as hiring employees, organizing the factors of production, sourcing finance etc.

2) Risk taking: Risk taking is about taking responsibility and planning for a loss or mishap that may occur in the future due to unforeseen contingencies.

3) Innovation: Entrepreneurs innovate by introducing new concepts, products, services, designs, ideas etc

4) Detailed Investigation: An entrepreneur conducts research, investigates and evaluates an idea considering various factors and estimates the total demand for a new product or service.

5) Financing: Raising capital for a business is one of the core functions that entrepreneurs perform themselves at all the stages of business.

6) Planning: An entrepreneur documents a business idea in the form of a business plan, to detail each element of the business such as product or service description, operations, marketing, finance etc.

7) Leadership: Leadership is more of a skill than a function for an entrepreneur. As a leader, an entrepreneur guides, directs, and influences the work of others to attain specific goals.

8) Communication : An entrepreneur has to communicate every single day, in the form of writing, responding, drafting emails, verbal instruction, discussion etc.

F) Role of Entrepreneurs :

1) Innovator’s Role : Entrepreneurs innovate by bringing unique and new products and services into the market.

2) Agent’s role : Entrepreneurs act as ‘Agents of Change’ as they identify opportunities, solve problems, offer effective solutions, establish enterprises, set up industries and bring positive change for the economy.

3) Coordinating role: An entrepreneur coordinates many things such as factors of production, delegated tasks, smooth functioning across different business departments etc

4) Employment Generation role: Entrepreneurship solves the problem of unemployment, which is a major problem in economic development.

G) Importance of Entrepreneurs :

1) Free market evolution: In a free market, entrepreneurs bring change in technology, trends and markets. For example, with increase in digital services, entrepreneurs have created companies that offer many home delivery services such as groceries, restaurant food, clothes, accessories etc.

2) New values: Sometimes, entrepreneurs choose ethics over profit and offer a more ethical product to the world and are transparent about it.

3) New markets: Entrepreneurs can often ‘redefine the rules’ of an established industry. They do this by creating new markets for existing products and slightly innovating in small ways to suit the needs of a new target market.

H) Myths of Entrepreneurship :

1) Entrepreneurs are born a certain way.

2) Entrepreneurs have to take a lot of risk.

3) Businesses either skyrocket or fail.

4) A lot of money is required to start any business.

5) One must know everything before starting a business.

I) Entrepreneurship as a Career – Why Entrepreneurship for You?

1) Nurtures development of entrepreneurial skills and capabilities.

2) Develops the ability to handle failure and ambiguity.

3) Enhances critical thinking and problem-solving ability.

4) Leads to creating difference in society.

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Entrepreneurial Skills Class 10 Notes

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