Entrepreneurial Skills (1).pdf class 10 ppt
- 1. ENTREPRENEURIAL SKILLS • ENTREPRENEUR – An individual who creates a new business , bearing most of the risks to set up a business is called entrepreneur. •The process of setting up a business is known as Entrepreneurship.
- 2. Entrepreneurship & Society • There is a direct relationship between Entrepreneurship and society .Due to entrepreneurial activity , society is provided with goods and services. In turn, society provides market for products and services provided by the entrepreneur.
- 3. Society plays a role in boosting entrepreneurship by: •Creates needs and demands of product. • Provides raw materials • Enables financial support • Creates a need for education •Supports infrastructure development
- 4. Some common entrepreneurship activities related to society include: •Social Entrepreneurship •Agricultural Entrepreneurship •Women Entrepreneurship •Small Scale Entrepreneurship
- 5. •Some Common entrepreneurship activities related to society •1) Social Entrepreneurship:Social entrepreneurship can be understood as creation of sustainable solutions for social problems that leads to social change by employing entrepreneurial mindset, processes and operations. In social entrepreneurship research is conducted to completely define a specific and core social problem. Many social problems are tackled by social entrepreneurs such as low reach of quality education, health , unemployment, child labour etc.
- 6. • AGRICULTURAL ENRTREPRENEURSHIP- Agricultural Entrepreneurship can be defined as being primarily related to the marketing and production of inputs and products used in agricultural activities. Farmers have benefited the most with rise in agricultural entrepreneurship as it has led to low-cost innovations in farming processes.
- 7. •Women Entrepreneurship is referred to the entrepreneurial activity led by women, where women undertake risks, create enterprises, organise factors of production, innovate with products/services and generate employment opportunities. Government of India has defined women entrepreneurship as “an enterprise owned and controlled by a woman having a minimum financial interest of 51 percent of the capital and giving at least 51 per cent of the employment generated in the enterprise to women.”
- 8. •Small Scale Entrepreneurship: Small scale entrepreneurship refers to starting industries in which manufacturing, trading, providing services, productions are done on a small scale or micro scale. These businesses serve as the backbone of many developing countries.
- 9. Qualities of an Entrepreneur •Hard work - Without working hard, no entrepreneur can be successful. On an average, successful entrepreneurs are found to be working anywhere between 60 to 90 hours per week, which is much higher than 40 hours per week. Entrepreneurs use a lot of trial and error and keep putting in work till they succeed. •Optimism -Positivity and belief in what they do is what takes entrepreneurs far in their journey. •Independence - Entrepreneurs are confident and like the freedom to take decisions. They prefer to be their own master and not work under someone else
- 10. •Energetic: Drive and energy is always high in successful entrepreneurs which makes them extremely proactive. They are continuously taking actions to try multiple approaches and execute things.
- 11. Self-confident: Belief in one’s own vision and abilities and passion for the goal makes successful entrepreneurs confident. Entrepreneurs are able to transfer this passion and vision to investors, employees, customers etc. to sell their idea to every stakeholder.
- 12. •Perseverant: A way of thinking that helps to accept failure, learn from mistakes, not give up, continuously experiment etc.
- 13. Functions of an Entrepreneur • Entrepreneurial functions • Organization Building and Management Organisation building is about bringing together different factors of production and allocating these resources to bring down costs and losses.All decisions relating to an enterprise are taken by the entrepreneur. An entrepreneur builds theorganization by taking various steps such as hiring employees, organizing the factors of production,sourcing finance etc. • Risk taking -Risk taking is about taking responsibility and planning for a loss or mishap that may occur in the future due to unforeseen contingencies. Some common risks entrepreneurs take are around return on investment, hiring of new employees, working with vendors etc. • Innovation: -Entrepreneurs innovate by introducing new concepts, products, services, designs, ideas etc. They may introduce something new and innovative in any branch of economic activity. In today’s world, a new business cannot survive and sustain without innovating in some manner.
- 14. Functions of an Entrepreneur • Promotional functions • idea Discovery -The first step towards entrepreneurship is discovery of a business idea. An entrepreneur comes up with a business idea and thinks about ways to implement it. • Detailed Investigation -While coming up with ideas can seem like an easy process, the challenge is to understand if the idea has the potential to turn into a viable business venture. For this, an entrepreneur conducts research, investigates and evaluates an idea considering various factors and estimates the total demand for a new product or service. • Assembling the Requirements -include infrastructure or office space, human resources, key vendors or partners, working capital etc • Financing -Raising capital for a business is one of the core functions that entrepreneurs perform themselves, not just at the initial stage of the business, but even to grow and scale the business.
- 19. Commercial Functions •Production and Operations •Finance and Accounting •Marketing •Human Resource Management
- 20. Role of Entrepreneurs • Innovator’s Role • Agent’s role • Coordinating role • Risk assumption role • Capital formation role • Imitating role: • Employment Generation role • Status transformation role • Balancing role
- 21. Importance of Entrepreneurs •Free market evolution •Efficiency improvements •New markets •New values
- 22. Myths of Entrepreneurship •Entrepreneurs are born a certain way •Great ideas are what makes entrepreneurs •Entrepreneurs have to take a lot of risk •Businesses either skyrocket or fail •A lot of money is required to start any business •One must know everything before starting a business
- 23. Entrepreneurship as a Career – Why Entrepreneurship for You? •Nurtures development of entrepreneurial skills and capabilities •Enables application of an entrepreneurial mindset •Develops the ability to handle failure and ambiguity: •Enhances critical thinking and problem-solving ability •Provides early exposure to the real world: •Inspires to think about one’s career differently •Leads to creating difference in society