Entrepreneur Skills Class 9 Notes Important Point

Entrepreneur Skills Class 9 Notes

Entrepreneur : 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.

NOTE : All self-employed persons are not entrepreneurs, for example, a shopkeeper cannot be called an entrepreneur unless he/she introduces a new method or idea in the business.

Entrepreneurship : The process of developing a business plan, launching and running a business using innovation to meet customer needs and to make a profit is entrepreneurship.

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 : Role and benefits of entrepreneurship are :

1. Economic Development : As more and more entrepreneurs create business opportunities, the economy grows.
2. Social Development—Creation of Jobs : As the business grows, it needs more work to be done and so creates more jobs.
3. Improved Standard of Living : When entrepreneurs sell products like a tractor, a mobile phone or a mobile service, it helps people live a more comfortable life.
4. Optimal Use of Resources : Entrepreneurs keep working to find the most optimal ways of using the resources to reduce costs and increase their profits.

Qualities of a Successful Entrepreneur : Important qualities of a successful entrepreneur are :

1. Patience : It is important for an entrepreneur to be patient in running the business.
2. Positivity : An entrepreneur has to think positively even when he/she takes a big risk.
3. Hardworking : It is necessary for an entrepreneur to continuously work hard towards his/her own and company’s goal.
4. Confidence : An entrepreneur needs to be very confident and take decisions about their business.
5. Open to Trial and Error : Entrepreneur needs to be open to new ideas and try them without fear of failure
6. reativity and Innovation : An entrepreneur should be able to see a problem from different perspectives and come up with original and creative solutions.

Characteristics of Entrepreneurship : Let us now look at some of the distinguishing characteristics of entrepreneurship.

1. Ability to take up risks.
2. Believe in hard work and discipline.
3. Knowledge of the product and services and their need or demand in the market.
4. Financial literacy and money management skills
5. Effective planning and execution.

Wage Employment : In wage employment, there are always two parties, one is known as the employer and the other is the employee. In wage employment, the employee (generally an individual) agrees to work for the employer.

Benefits of entrepreneurship : The various benefits include the following:

1. Entrepreneurship allows you to do something you like using your hobbies and skills.
2. Entrepreneurship allows you to work for yourself and not for someone else.
3. Entrepreneurship allows you to decide how much risk you want to take.

Types of business activities : There are three types of business activities:

1. Product business
2. Service business
3. Hybrid business

1. Product business : A business where a seller and buyer exchange an item, which can be seen and touched, is called a productbased business. For example, a Sports Shop.

2. Service business : business where a seller helps the buyer to finish some work. For example, a cricket coaching center.

3. Hybrid business : A hybrid is the one where the business is doing both selling product and selling services. For example, Rahul starting a sports academy for coaching and selling sports equipment.

Differences between product and service business activities :

Product Business	Service Business
Product can be seen and touched.	Service cannot be seen or touched.
Customer pays for physical exchange of things.	Customer here pays for an experience.
A product can be made and stored in a shop.	A service, for example, cutting hair, cannot be stored.
A service can be made, stored and transported.	A service cannot be made or transported.
The quality and quantity of the product will be the same every time.	The quality and quantity of a service can be different at different times.

There are two types of product-based businesses.

1. Manufacturing Businesses : These are the businesses that make a product and sell it. Products are usually made in factories.

2. Trade Businesses : These businesses buy and sell a product. They also transport the product from the factory to warehouses and then finally to shops near the customers.

Entrepreneurship development : Entrepreneurship development is the process of improving the skills and knowledge of entrepreneurs. It can take place through formal and informal learning system.

In the formal learning system, training programmes are conducted to bring about awareness, knowledge and skills related to entrepreneurship.

Steps of starting a business :

1. The first step is to come up with a business idea.
2. Getting money and material.
3. Understanding customer needs.
4. Improving Product/ service.

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Entrepreneur Skills Class 9 Notes

Disclaimer : I tried to give you the correct “Entrepreneur Skills Class 9 Notes ” , but if you feel that there is/are mistakes in “Entrepreneur Skills Class 9 Notes” given above, you can directly contact me at csiplearninghub@gmail.com. Book and Study material available on CBSE official website are used as an idea to create above “Entrepreneur Skills Class 9 Notes“.

Entrepreneur Skills Class 9 Notes

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