Entrepreneurship Skill, Class X, CBSE 402

Class 10 Entrepreneurship chapter

1. UNIT 4 Entrepreneur Entrepreneurship Entrepreneurial skills

2. Entrepreneur: ‘Entrepreneur’ is a French word which means  to undertake, to pursue opportunities, to fulfill needs and wants of the people through innovation and starting business .

3. An entrepreneur is a person who establishes a business or a venture that generates some value to the customer and proves to be profitable for him/her. An entrepreneur starts a new business with an eye on what he identifies as an unmet need in the market and works to fulfill.

4. Entrepreneurship: Entrepreneurship is the act of creating a business or businesses while bearing all the risks with the hope of making a profit.

5. Some famous entrepreneur in world Bill Gates- Microsoft Vitalik Buterin - Ethereum Elon Musk- Space X, Tesla and etc. Jeff Bezos- Amazon.com Falguini Nayar - Nykaa Aman Gupta and Sameer Mehta Ritesh Agarwal -OYO Some famous entrepreneur in India

6. QUALITIES OF ENTREPRENEURS : clear with their targets work hard from the beginning Risk taker Prepare their next move (plan b) problem solvers , conceive new ideas, achieve innovative solutions. good communication updated with the current scenario of the market dedicated and passionate towards their work.

7. FUNCTIONS OF ENTREPRENEUR: Create a new idea for product or service : To Research: To Manage the business : To Organize the resources(machines, computer, equip): Have to Make decisions : To maintain good public relations : Abide by statuary obligation : Able to divide income:

8. IMPORTANCE OF ENTREPRENEUR: By establishing the business entity, entrepreneurs invest their own resources and attract capital from investors and public. They are job creators . This is why the government of India has taken initiatives such as ‘Startup India’ to promote and support new startups as they increase the growth in GDP and per capita income and complete the need of consumers.

9. MYTHS ABOUT ENTREPRENEURSHIP Every business idea needs to be very unique and special : Very one is not born Entrepreneurs : No need for Huge Money for start up Can make instant Profit : Not only Good Idea can work. Only young can do the entrepreneurship

10. ENTREPRENEURSHIP AS A CAREER OPTION Service business: a service business is a company that provides work performed in an expert manner by an individual or a team. It can be Banking, Consulting, Cleaning, Education, Insurance, Transportation Services and many more. Manufacturing Business: manufacturing business buys raw material with the intention of using them as ingredients in the making of a new product. It combines raw material and labour in its production. The manufactured good will then be sold to customers. Hardware making, furniture making, etc. are few examples.

11. Sole Proprietorship Business: The most common type of business found in the India is sole proprietorship. All businesses we see around like the local grocer, carpenter, shopkeeper, etc. are sole proprietorship. It is an ideal choice to run a small scale business. Buying a Franchise: A franchise is an agreement between a small business owner(franchisee) and the parent company(franchiser). The parent company gives the right to sell company’s product and often provides support like advertisement and supplier relationship in return for a franchise fee and some percent of the profit

12. . Copying an Existing business: Identify a good going local business started by someone else. One can also take help from internet. After researching on it thoroughly and planning for the execution establish the business. Make sure the business does not violate someone else’s trademark, copyrights or to her protected intellectual property. Work from home business: Many small business ideas can be launched form home only. This can be anything from opening a boutique to writing blogs.