Entrepreneurship: Concept And Functions Class 11 Notes Entrepreneurship Chapter 1 - CBSE

Chapter : 1

What Are Entrepreneurship: Concept And Functions ?

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    Concept Of Entrepreneurship

    1. Entrepreneur
      • Person
        (Subject)
    2. Entrepreneurship
      • Process or Action
        (Verb)
    3. Entreprise
      • Outcome
        (Object)

    Entrepreneur

    He is a person responsible for setting up a business or an enterprise. He has the initiative, Skill for innovation and who look for high achievements.

    Entrepreneur (A Person)

    • Develop and own his own enterprise
    • Is innovative
    • Moderate risk taker and works under
      uncertainty for achieving the goals
    • Persistently tries to do something better
    • Is determined but patient
    • Exhibits sense of leadership
    • Exhibits a sense of competitiveness
    • Takes personal responsibility
    • Oriented towards future
    • Tends to persist in the face of adversity

    Functions Of An Entrepreneur

    Entrepreneurial Functions

    • Innovation
    • Risk-taking
    • Organisation building

    Promotional Functions

    • Investigation of an Idea
    • Detailed investigation
    • Assembling the requirements
    • Financing the Proposition

    Managerial Functions

    • Planning
    • Organising
    • Staffing
    • Directing
    • Leadership
    • Communication
    • Motivation
    • Co-ordination
    • Controlling

    Commercial Functions

    • Production
    • Marketing
    • Personnel
    • Accounting
    • Finance

    Entrepreneurship

    It is the process or the activity of setting up a business by an entrepreneur who creates a new business, bearing most of the risks and enjoy most of the rewards or profits.

    Enterprise

    It is a business organisation that is formed and which provides goods and services create jobs, contribute to national income, exports and contribute to the overall economic development.

    Steps Of Enterprise

    • The entrepreneur is a person who starts an entreprise.
    • The process of creation is called an entrepreneurship.
    • The entrepreneur is the actor and the act is called the enterprise.

    Need For Entrepreneurship

    • Lifeline of a Nation
    • Provide Innovation
    • Charge of Growth/Inclusive Growth
    • Increased Profits
    • Provide Employment Opportunities
    • Social Benefits

    Advantages Of Entrepreneurship

    • Excitement
    • Originality
    • Independence
    • Rational Salary
    • Freedom

    Disadvantages of Entrepreneurship

    • Salary
    • Benefits
    • Work Schedule
    • Administration
    • Incompetent Staff

    Process Of Entrepreneurship

    • Step-1: Self-Discovery
    • Step-2: Identifying opportunities
    • Step-3: Generating and evaluating ideas
    • Step-4: Planning
    • Step-5: Raising Start-up Capital
    • Step-6: Start-up
    • Step -7: Growth
    • Step-8: Harvest