Who is entrepreneur?
An entrepreneur is self employed person who startup own business. He takes all the decisions related to his company. He individually bears the profit or the loss of the business. Entrepreneurs play important role in the development of any country. Entrepreneurs are like blessing for any country.
Importance of Entrepreneur:
1) They bring new jobs in a market.
2) They manufacture new products, otherwise a country has to import from other country.
3) Entrepreneurs also export good to other country which increase the foreign reserve in a country.
Need for Entrepreneur:
After China, India is the second largest country by population wise in the world. Everyone can’t get government jobs because these are limited. Government has taken many steps to reduce their expenses. They have introduced out sourcing in government department, privatization in many sectors, and in army introduced Agni path.
Technology and Entrepreneur:
Internet has opened the door of the new world like youtuber, bloggers, affiliate marketing, digital marketing, freelancing are well known concepts. A successful youtuber or blogger is earning more than one lakh in a day. Amit Agarwal is the father of blogging in India who started blogging as a profession in 2004.
Role of Education System:
Education system can play primary role to setup entrepreneur mindset in our youth. But at present our education system developing employee not employer.
Importance of Entrepreneur:
1) They bring new jobs in a market.
2) They manufacture new products, otherwise a country has to import from other country.
3) Entrepreneurs also export good to other country which increase the foreign reserve in a country.
Need for Entrepreneur:
After China, India is the second largest country by population wise in the world. Everyone can’t get government jobs because these are limited. Government has taken many steps to reduce their expenses. They have introduced out sourcing in government department, privatization in many sectors, and in army introduced Agni path.
Technology and Entrepreneur:
Internet has opened the door of the new world like youtuber, bloggers, affiliate marketing, digital marketing, freelancing are well known concepts. A successful youtuber or blogger is earning more than one lakh in a day. Amit Agarwal is the father of blogging in India who started blogging as a profession in 2004.
Role of Education System:
Education system can play primary role to setup entrepreneur mindset in our youth. But at present our education system developing employee not employer.
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Class 9 IT (402) Notes
Part - A
Part - B
Chapter 1 – Introduction to IT - ITeS Industries
Chapter 2– Data Entry & Keyboard Skills
Chapter 3 – Digital Documentation
Chapter 4 – Electronic Spreadsheet
Chapter 5 – Electronic Presentation
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What are the characteristics of Entrepreneurs?
OR
What are the 5 main characteristics of entrepreneurship?
Journey from start up to building an empire in business is possible if entrepreneur possesses excellent leadership qualities. Reliance, TATA, and Mahindra are some examples of successful entrepreneurs in India. These are some qualities that each entrepreneur should posses:
1) Passionate: Entrepreneurs are passionate about their work. They don’t feel like a job, so they always think following their passion. Therefore they put extra hours to make their business successful. For example Bill Gate was passionate in software, so he made Microsoft. Elon Musk was passionate in technology, so he made Tesla, SpaceX.
2) Self-Starter: Entrepreneurs see big dreams and they know a long journey start with first step, so they take first step. They are really self-starter.
3) Creative: Entrepreneurs have a creative mind. They observe a market needs and develop new products. They know in new product having less competition which means more chances of success.
4) Hardworking: Entrepreneurs do hard work. Without any break they work 24X7 and put extra hours to make their dream come true. They also take hard decisions.
5) Communication Skills: Entrepreneurs are good communicators, so they easily convince anyone and bring investors to invest in their business.
6) Courageous: Entrepreneurs invest in new idea, so they take risk of failure. They take hard decisions and their one wrong decision can change the whole game. They bear the losses of their company and know business is full of risks and only dare can play this game.
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1) Solo Business: A solo business is run by single person. He takes all the business related decisions and bear the profit and loss with single hand. For example Blogger, Youtuber, Content creator.
2) Partnership: In partnership, business is run by two or more people. They run the company together and take the business related decisions. They also bear the profit or loss of the company. For example Maruti Suzuki
3) Cooperative Business: A co-operative business is members owned business. This business runs on the principal of self-help, so this business provides services to its members and to the general public. For example Amul Milk
4) Limited Company: In a company a group of people are legally responsible to run a business, so this business format is called limited company. A limited company can be formed in two ways:
1) Private Limited Company
2) Public Limited Company
Private Limited Company: A private limited company has minimum two members and maximum 200 and the profit and the loss is bore by its member. For example Flipkart, Ola
Public Limited Company: On the other hand public limited company has minimum 5 members and maximum no limit. A public limited company is registered in the stock exchange, so anyone can buy its share. Therefore all shared holders of the public limited company bear the profit and the loss of the company together. For example State Bank of India
 |
| Characteristics of Entrepreneur |
2) Self-Starter: Entrepreneurs see big dreams and they know a long journey start with first step, so they take first step. They are really self-starter.
3) Creative: Entrepreneurs have a creative mind. They observe a market needs and develop new products. They know in new product having less competition which means more chances of success.
4) Hardworking: Entrepreneurs do hard work. Without any break they work 24X7 and put extra hours to make their dream come true. They also take hard decisions.
5) Communication Skills: Entrepreneurs are good communicators, so they easily convince anyone and bring investors to invest in their business.
6) Courageous: Entrepreneurs invest in new idea, so they take risk of failure. They take hard decisions and their one wrong decision can change the whole game. They bear the losses of their company and know business is full of risks and only dare can play this game.
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Explain different types of business Enterprises.
A business can be run by single person or it could be run by group of people, so according to number of owners and liabilities, a business can have different formats. |
| Type of Business Enterprises |
1) Solo Business: A solo business is run by single person. He takes all the business related decisions and bear the profit and loss with single hand. For example Blogger, Youtuber, Content creator.
2) Partnership: In partnership, business is run by two or more people. They run the company together and take the business related decisions. They also bear the profit or loss of the company. For example Maruti Suzuki
3) Cooperative Business: A co-operative business is members owned business. This business runs on the principal of self-help, so this business provides services to its members and to the general public. For example Amul Milk
4) Limited Company: In a company a group of people are legally responsible to run a business, so this business format is called limited company. A limited company can be formed in two ways:
1) Private Limited Company
2) Public Limited Company
Private Limited Company: A private limited company has minimum two members and maximum 200 and the profit and the loss is bore by its member. For example Flipkart, Ola
Public Limited Company: On the other hand public limited company has minimum 5 members and maximum no limit. A public limited company is registered in the stock exchange, so anyone can buy its share. Therefore all shared holders of the public limited company bear the profit and the loss of the company together. For example State Bank of India
What are the 3 types of business activities?
OR
What are the types of economic activities?
Business men start their business to earn profit. They provide some services or selling products to their customers and generate revenue, so according to business activities all businesses fall in three categories. |
| Business Activities |
1) Service Business: In service business, a company provides services to their clients. A company has expertise in some field, so they provide professional supports to their customers and charge fee.
For example
i) School provide education to their students.
ii) Hospital provides medical treatments to their patients.
iii) Banks provides finical services to their customers.
2) Manufacturing Business: In manufacturing business, a company buys raw material from the local markets and convert that raw material into a valuable product in factories. These companies generate profits by selling those products.
For example
i) Car manufacturing companies buy raw materials and make cars.
ii) Dairy companies buy milk from farmers and sell curd, cheese, ice cream, and chocolate.
iii) Baking companies buy general flour and make bread, biscuits, cake.
3) Hybrid Business: All businesses which provide services and manufacture products are called hybrid business. These businesses are the combination of both services business and manufacturing business.
For example
i) Restaurants provide rooms for staying and provide meal to their customers.
ii) Software companies provide services and sell their software.
What are the benefits and limitations to be an entrepreneur?
OR
What are the advantages and disadvantages of being an entrepreneur?
Entrepreneurs are the main pillars on any economy of a country. They participate in economical development, create new jobs, and fulfill market demands. Starting a new business isn’t easy task, but they get priceless rewards after growth in a business. These are some rewards and limitations of being an entrepreneur.Rewards to be an Entrepreneur:
1) Following own passion: Entrepreneurs don’t work for anyone, but they follow their passion. Therefore they never feel like working, so they enjoy what they do.
2) Flexible Schedule: Entrepreneurs aren’t bound to 8 to 5 daily schedule. They can work anytime according to their convenience.
3) Be own boss: Entrepreneurs are independent to take decision and not answerable to anyone. They make their own rules to run a business.
4) Building an Enterprise: Entrepreneur goal is building an enterprise, which gives jobs to millions of people, so they participate in the development of a country.
Limitation to be an Entrepreneur:
1) Work Load: Entrepreneur bear the load of a company. They have to take many decisions and work for long hours without break.
2) Risk of Failure: Business is full of risks. A wrong or late decision can change the game of the business, so entrepreneurs have the risk of failure.
3) No Regular Salary: Entrepreneurs have no regular income because sometime business earns profit and sometime business bear a loss, so Entrepreneurs have no regular income
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