Scribd
Upload
143 views

Unit 4 Enterprenur Skill Class 10

Entrepreneurs help society and the local economy in several ways: 1) They fulfill customer needs by creating products and services people want. 2) They use local materials and hire local people, helping the local economy. 3) As their businesses grow, they create more jobs and share their wealth with others.

Uploaded by

Sian Soj
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
143 views

Unit 4 Enterprenur Skill Class 10

Entrepreneurs help society and the local economy in several ways: 1) They fulfill customer needs by creating products and services people want. 2) They use local materials and hire local people, helping the local economy. 3) As their businesses grow, they create more jobs and share their wealth with others.

Uploaded by

Sian Soj
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 4

Unit 4: Entrepreneurial Skills NOTES

Session 1: Entrepreneurship and Society


Entrepreneurs run their businesses in a market. The market has people who buy
products and services and people who sell them also. When people are buying and
selling from each other, it is helpful for everyone because everyone involved makes
money. This is how entrepreneurs help in growing the area and society they live in.

what do entrepreneurs do when they run their business?

Fulfil Customer Needs


Demand means a product or service that people want. Entrepreneurs find out what
people want. Then, they use their creativity to come up with a business idea that
will meet that demand.

Use Local Materials


Entrepreneurs use the material and people available around them, to make products at
low cost.

Help Society
Entrepreneurs have a positive relationship with society. They make profits through
activities that benefit 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.

Create Jobs
With the growth of a business, entrepreneurs look for more people to help them. They
buy more material, and from more people. The also hire more people to work for
them. In this way, more people have jobs. Sharing of Wealth Wealth means having
enough money to live a comfortable life. As entrepreneurs grow their business, the
people

Lower Price of Products


As more entrepreneurs sell the same product, the price of the product goes down. For
example, when more mobile phones were getting sold in India, the cost of the
phone became lesser.
Bharti, the Jewellery Queen ( A Story)
Bharti is a young woman from Bihar. Many girls in her area like to wear earrings. She
buys jute from a farmer and makes earrings from that. Her business is called Manavi
Natural Handicrafts. She sees that most women in her village do not work. So, she hires
two women to help her. As her orders increase, she buys more jute. She hires three
more women to work for her. The farmer, and the women working for her now earn
more money.

Session 2: Qualities and Functions of an Entrepreneur

Qualities of an Entrepreneur
Functions of an Entrepreneur

Session 3: Myths about Entrepreneurship


Misconceptions
1. The misconception is that every business idea needs to be unique or special.

2. The misconception we have is that a person needs a lot of money to start a business.

3. A misconception we have is that only a person having a big business is an


entrepreneur.

4. 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.
1. self-employment
2. wage employment

A person who becomes an entrepreneur goes through a career process. This


process is as follows:

ENTER
When an entrepreneur is starting, they are just entering the market to do business.
For example, Sanjana is starting a small grocery store in a locality.

SURVIVE
There are many entrepreneurs in the market. The entrepreneur has to remain in a
competitive
market.
For example, there are many other grocery stores in the area. Yet, Sanjana’s store
survives
the competition and does well. She also expands the store to two more floors.

GROW
Once the business is stable, an entrepreneur thinks about expanding his or her
business.
For example, after five years, Sanjana has opened a chain of four more grocery stores
in the same city. In the next two years, she plans to expand to tow other cities.

You might also like