Easy definition of an entrepreneur which will help you score marks in exam : An entrepreneur is the person who works for his own and which do not have a boss while he/she is the own boss of the self . An entrepreneur runs his own business and service to the people and is self employed. The examples for entrepreneur are : Bill gates, mark zuckerberg etc.
4 quality of Entrepreneur (it will help you to score a 3 mark question):
1- Freedom: being a entrepreneur allows the freedom to do work as much wanted. Being a entrepreneur the freedom allows he/she to try out one‘s idea.
2-Status: massive success brings considerable fame and prestige to an entrepreneur
3-Ambition fulfillment (important): As entrepreneur is self employed he/she can convert their original idea into a new product or service and by selling it they can add value to the people and perseu better fame.
4-Independence (important): An entrepreneur is his own boss. He can take all decisions on himself. He need not to obey someone.
Types of businesses:
[Note; writing examples of each business can help you score 1 mark question]
1- Service business: It is the business that provides delivery goods to the people and serve them with their needs. An example of service business in restaurant business.
Example: accounting Firm , law firm
2- Merchandising business: In this type of business the business purchases the finished product and resells them to consumers.
Example: clothing store, grocery store etc.
3- Manufacturing business: In this business the processing of raw materials or parts is done and being made into finished goods
Example: Automobile Industry, cotton textile industry etc.
4- Hybird business: the companies that may be classified in more than one type of business
Example : restaurant business, market (mall) business etc.
Some distinguished characteristics of and entrepreneurship are as follows:-
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Economic and dynamic activity
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Related to innovation
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Profit potential
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Risk-bearing
EDP ( Entrepreneurship Development programm) : Entrepreneurship development is the means of taking entrepreneur skills form several class coaching and seminars. In entrepreneurship development the one who wants to become enhance the knowledge for entrepreneurship from already succeeded entrepreneur.
EDP focuses more on Enhanchment in operation more than Academic course to get certain requirements of the participants from the EDP
Entrepreneurship is the on going act of giving motivation to the entrepreneur and discovering more and more profitable ideas for well being of peoples.
Types of business Organisations in our community
1- Sole proprietorship- In which a single Person is a owner of certain business and handles all the profit and loss by himself and do not have any another person for management for his business.
2-Partnership - In partnership a business is being run by two people who started the business on equal efforts of both. In Partnership all the profits and losses are being handled by both persons
3 - corporation: corporation is a type of big business as compare to sole proprietorship and partnership. This is a big business which transports its good to many states as well as countries. This business have their shares to distribute among people for growth, this type of business have tremendous fame and prestige in people with a higher market cap .Example: TATA, RELIENCE etc.
4 - cooperative business: this businesses are for well being of peoples and to promote people such as women in society. Example for concept - lizzat papad is the cooperative business which try to promote women rights in society.
Factors affecting Entrepreneurship growth:
Capital
Labour etc
Some more points for Entrepreneur Skills:
•An entrepreneur is a self employed person who is willing for taking calculated risk
•A business is an activity to satisfy
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