Entrepreneurial Skills Chapter Notes - Class 10 PDF Download

What do you mean by entrepreneurship?

Entrepreneurship is the type of self-employment where one is running a business to satisfy the needs of people and looking for ways to make the business better to make profits.

Qualities of Successful Entrepreneur:

1. They are confident. They believe in themselves and their abilities.
2. They keep trying new ideas in their business.
3. They are patient.
4. They are creative and think differently about business ideas.
5. They take responsibility for their actions.
6. They take decisions after thinking about them.
7. They work hard.
8. They do not give up when they face a difficulty.

Session 1: Entrepreneurship and Society

Who is Entrepreneur?

Self-employed people are those who start businesses to satisfy the needs of people and always trying to make his/her business better by taking risks and trying new ideas is an entrepreneur.

What do entrepreneurs do when they run their business:

1. Fulfil Customer Needs: Entrepreneurs find out what people want and then create businesses to fulfill those needs.
2. Use Local Resources: Entrepreneurs use the material and people available around them, to make products at low cost.
3. Help Society: Entrepreneurs contribute positively to 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.
4. Create Jobs: Entrepreneurs make jobs by growing their businesses and doing well and helping to create employment opportunities in the community.
5. Lower Price of Products: Increased competition among entrepreneurs can lead to lower prices for products, benefiting consumers.
6. Spread Wealth: As entrepreneurs grow their business, the people working for them and in related businesses also grow. Hey, have more money to live a better-quality life.

Session 2: Qualities and Functions of an Entrepreneur

What are the different qualities of an entrepreneur?

1. Hard working: Successful entrepreneurs believe on hard work and dedicate their maximum time to become successful businessman.
2. Always Positive: Successful entrepreneurs have a positive mindset taking things in the correct manner and always be positive whenever he/she is making decisions in the business.
3. Independent: Successful entrepreneurs are confident and running their businesses independently.
4. Full of Energy: Successful entrepreneurs are always having a full of energy and participating actively to the business.
5. Self-confident: Successful entrepreneurs are bold decision-makers and confident in their business.
   

Functions of an Entrepreneur

1. Making decisions: An entrepreneur can make decisions independently.
2. Managing the business: An entrepreneur arranges the raw material, hires the people and tells the employee what to do.
3. Divide income: The entrepreneur spends the money to buy material, give the salary and pay rent of the business.
4. Taking risk: Entrepreneurs understand the risk and try to overcome the risk like risks against fires, theft, lost items etc.
5. Create a new method, idea or product: An entrepreneur always applies new things to increase business and to increase income.

Session 3: Myths about Entrepreneurship

Myths about Entrepreneurship

• The misconception is that every business idea needs to be unique or special.
• The misconception we have is that a person needs a lot of money to start a business.
• A misconception we have is that only a person having a big business is an entrepreneur.
• 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 –

• Self-employment: Working for yourself, running your own business, example A graphic designer starting their own freelance design business.
• Wage employment: Working for someone else, earning a salary or hourly wage, example An office worker employed by a company, receiving a monthly salary.

A person who becomes an entrepreneur goes through a career process. This process is as follows: