Employability Skills Class 12| unit 4 - Entrepreneurial Skills

Here you will find CBSE Class 12 
subject Employability_Skills_
CLASS - XII
pdf, notes, study material,important questions


Entrepreneurship and Entrepreneur

Entrepreneur refers to a person who conceives a creative idea and takes all the necessary steps required to convert the idea into reality, such as taking initiative to sets up a new business enterprise by supplying sufficient capital, land, labour and all the essential resources to produce the product, he/she has in his/her mind and bearing all risks so as to gain profits in future. 


Entrepreneurship is the process or activity, of initiating, developing, managing and operating a startup company, while taking all the risks involved, so as to make profits. It is one of the four factors of production, the other being land, labour, capital.

The word ‘entrepreneur’ is derived from the French word entreprendre, which means ‘to undertake’. 

Definitions :-

Cole defines entrepreneurship as, “A purposeful activity to initiate, maintain and aggrandise profit-oriented business.”

Stevenson and Jarillo define entrepreneurship as: “The process by which individuals pursue opportunities without regard to the resources they currently control.” 

Entrepreneurship can, thus, be defined, as “an economic process, where an idea is generated or an opportunity is created, refined, developed and implemented, while being exposed to uncertainty to realise a profit by effective utilisation of resources”.

Economists define an entrepreneur as someone, who brings in resources, labour, material and other assets into profit making combinations.

Psychologists define an entrepreneur as a person, who is, typically, driven by a psychological force, which creates a desire to obtain or attain something. Sociologists define an entrepreneur as a person, whose actions would determine social status and contribute to societal development.

Management gurus define an entrepreneur as a person, who has a vision and generates an action plan to achieve it. Characteristics of entrepreneurship 

characteristics of entrepreneurship

  • It is an economic activity done to create, develop and maintain a profit-oriented organisation. 
  • It begins with identifying an opportunity as a potential to sell and make profit in the market. • It deals with optimization in utilization of resources. 
  • It is the ability of an enterprise and an entrepreneur to take risks.


note- *The National Institute for Entrepreneurship and Small Business Development is a premier organisation of the Ministry of Skill Development and Entrepreneurship, Government of India, engaged in training, consultancy and research to promote entrepreneurship and skill development. _The major activities of the Institute include training of trainers, management development programmes, entrepreneurship-cum-skill development programmes, entrepreneurship development programmes and cluster intervention*


Training in entrepreneurship development needs to include support for — 

(a) entrepreneurship orientation and awareness,

(b) development of competencies knowledge, skills and attitudes) necessary to recognise a market opportunity and organise resources to meet it, 

(c) improvement of business performance for growth and competitiveness.


Characteristics of entrepreneurship

  • Economic activity
  • Identifying an opportunity
  • Risks taking

Entrepreneurship — art and science

 Entrepreneurship is considered to be both an art and a science. 

For a subject to be considered as science, it needs to have a step wise progression substantiated by valid proof like chemistry or physics. There are steps that need to be followed to attain a specific result. On the other hand, some subjects are categorized as art, where no specific way to attain a result is required and the skill of using the subject matter is of prime importance.


Entrepreneurship as Art

  • Intrinsic Approach
  • Successful Entrepreneur and Art Significance

Entrepreneurship as Science

  • Science Coexist with Entrepreneurship
  • Benefits of Science
  • Analytics
  •  specific progression and procedures

Qualities of a successful entrepreneur

(a) Initiative

(b) Willingness to take risks

(c) Ability to learn from experience

(d) Motivation:

(e) Self-confidence

(f) Hard work:

 (g) Decision making ability:

Type of entrepreneurs

  • Service entrepreneurs
  • Business entrepreneurs
  • Industrial entrepreneurs
  • Agricultural entrepreneurs
  • Technical entrepreneurs
  • Non-technical entrepreneurs 
  • Professional entrepreneurs
  • IT entrepreneurs
  • Women entrepreneurs
  • Social entrepreneurs
  • Family business entrepreneurs
  • First generation entrepreneurs


Roles and functions of an entrepreneur

(a) Identifying entrepreneurial opportunity
(b) Turning ideas into action
(c) Feasibility study:
(d) Resourcing:
(e) Setting up an enterprise
(f) Managing the enterprise
(g) Growth and development


QUESTION:- 

What motivates an entrepreneur?


Following are some of the qualities that motivate an entrepreneur. 

  • Standard of excellence 
  • Uniqueness
  • Focus on long-term goals
  • Need to influence


Identifying opportunities and risk taking

Some ways by which aspiring entrepreneurs can identify new business opportunities and evaluate their potential and risks are as follows.

  • Community concerns
  • Personal experiences
  • Research with others


Startups

A startup is a company that is in the first stage of its operations.

 

QUESTIONS

  • Explain the qualities of an entrepreneur. 
  • What is entrepreneurship.

Barriers to Entrepreneurship

  • Unsupportive business environment:
  • Market entry regulations
  • Shortage of capital
  • Skilled workforce challenges:
  • Lack of Entrepreneurial Mindset & Training
  • Risk Aversion

 Fear as a barrier 

  • Fear of failure
  • Fear of the unknown
  • Fear of not being an expert
  • Fear of being pushed into uncomfortable situations
  • Fear of risk taking

QUESTIONS 

• identify barriers and fears related to becoming an entrepreneur. 


 Entrepreneurial Attitudes

  • DECISIVENESS Ability to make quick and profitable decisions
  • ORGANISATIONAL SKILLS Ability to make the optimum use of time, energy and resources to achieve the desired goals
  • ORGANISATIONAL SKILLS Ability to make the optimum use of time, energy and resources to achieve the desired goals
  • TAKING INITIATIVE Ability to take charge and act in a situation before other
  • INTERPERSONAL SKILLS Ability to work with others


Benefits of Entrepreneurial Competencies

  • Taking actions to implement your ideas.
  • Understanding the need or the problem your offering is fulfilling or solving.
  • Strategizing and planning the steps that need to be taken
  • Preparing an action plan and timeline. 
  • Networking with stakeholders. 
  • Interacting with customers.
  • Gaining and analyzing insights. 
  • Looking for alternatives and adjusting plans according to analysis and feedback. 
  • Evaluating and calculating the risk involved. 
  • Building and motivating a team.
  • Being patient and staying motivated to overcome and work around various obstacles. 
  • Showing the value that the business is creating for stakeholders and customers.
  •  • Gaining the know-how of creating, building, launching, sustaining, managing and growing a business.


QUESTIONS 

  1. What do you understand by attitude?
  2. What do you understand by interpersonal skills? Share an example where you displayed interpersonal skills.
  3. identify the attitudes that make an entrepreneur successful.
  4. Entrepreneurial Competencies


Important Questions :- Important questions of unit 4 - Entrepreneurial Skills | CBSE class 12

source 

https://cbseacademic.nic.in/web_material/Curriculum21/publication/srsec/Employability_Skills_XII.pdf

https://keydifferences.com/difference-between-entrepreneur-and-entrepreneurship.html

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