KSEEB Class 10 Business Studies Chapter 2 Entrepreneurship notes Role And Importance Of Entrepreneurship
- The word entrepreneur is derived from the French word Entreprendre, which means to undertake some activity.
- Entrepreneur is someone who perceives opportunities, organizes resources needed for exploiting the opportunity and exploits it.
“Class 10 Karnataka Board Business Studies Chapter 2 notes”
Entrepreneurship is a process of an action of an entrepreneur who undertakes the risk of setting up his own venture for perceived rewards by creative opportunities from innovations.
Features of Entrepreneurship:
- An economic activity
- Risk bearing activity
- Organizing function
- Innovative function
- Goal oriented function
“KSEEB Class 10 Business Studies Entrepreneurship notes”
Characteristics of an Entrepreneur:
- Creativity
- Dynamism
- Team building
- Problem-solving
- Risk taking
- Commitment
- Innovation
- Leadership
- Achievement motivation
- Goal orientation
- Decision-making
Functions of Entrepreneur :
- Sensing an opportunity
- Converts ideas into reality
- Develops a business plan
- Establishing an enterprise
- Managerial functions
- Decision-making functions
- Expansion, growth and development
“SSLC Business Studies Chapter 2 Entrepreneurship explained”
Role of an Entrepreneur :
- Promoting capital formation by mobilizing the savings of the people.
- Enhancing innovation to maximize profits.
- Promoting country’s export trade.
- Promoting the development of industries in urban as well as in rural areas.
- Providing people the better quality of products.
- Working for the growth of the economy by enhancing the production volume.
- Increasing the Gross Domestic Product and Per Capita Income of the country.
Importance of Entrepreneurs:
- Entrepreneurs occupy a central position in a market economy and they serve as the ‘Spark Plug’ in the economy’s engine.
- Entrepreneurs mobilize the savings of the people and invest them in productive purpose which help in the production activities that increase the Gross Domestic Product of the country.
- Indirectly they work for the welfare of the country.
KSEEB Class 10 Business Studies Chapter 2 Entrepreneurship Self-Employment Schemes And Promotional Organisations
Government measures for self-employment schemes:
- Setting up of Financial Institutions like IDBI, NABARD, UTI, LIC, SFC, ICGCI, IFCI for promotion of industrialization.
- Establishment of promotional organizations like DIC, SIDC, NSIC, SISI, Industrial Estates, Khadi and Village Industries Corporation etc.
The self-employed are a backbone of the nation. A person can setup a unit having a vast opportunity to select any form of business which he/she thinks feasible, e.g., advertising agencies, photocopying centres, beauty parlours, etc. - District Industrial Centres (DIC) provide support for financial managerial marketing, export-assistance and other assistance in setting up, modernizing, revitalizing sick units, diversifying and solving other problems related to the promotion and development of small and medium industries at district levels.
“KSEEB SSLC Entrepreneurship chapter summary”
Some Successful Entrepreneurs of India:
- Dr.Pratap Reddy: Developer of India’s first hospital group “The Apollo Hospitals”.
- Naresh Goyal: Founder and chairman of India’s largest domestic Airlines “Jet Airways”.
- Narayan Murtny: One of the founders of “Infosys Technologies Ltd”.
- Varghese Kurian: Best known as “Father of the white revolution” of India.
- Dhirubhai Ambani: Founder of Reliance Company.
- Azim Premji: Chairman of Wipro Technologies.
- Ekta Kapoor: Creative director of “Balaji Telefilms”.
- Kiran Mazumdar Shah: Chairman and managing director of Biocon Ltd. The largest bio-technology company in India.