Notes on Employability Skills Unit 4: Entrepreneurship Skills " Session 1 to 4"

 Notes on Employability Skills Unit 4: Entrepreneurship Skills " Session 1 to 4"

By:- Nagraj Sir

Session 1 Entrepreneurship and Entrepreneur 

Entrepreneur

“A purposeful activity to initiate, maintain and aggrandize profit-oriented business.”

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”.

Characteristics of entrepreneurship

the following are some of the 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 optimisation in utilisation of resources.

• It is the ability of an enterprise and an entrepreneur to take risks.

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:-create a new market for their services or provide a service in an existing market.

Business entrepreneurs :-who undertake business and trading activities and are not concerned with the

manufacturing work.

Industrial entrepreneurs: it is product oriented, who starts through an industrial unit to create a

product like electronic industry, textile unit, machine tools, manufacturing unit, etc.

Agricultural entrepreneurs :maximize the yield, giving birth to agriculture entrepreneurship.

Technical entrepreneurs :who use their technical expertise to create and offer machines, tools and methods.

Non-technical entrepreneurs: they are not concerned with the manufacturing process but have more to do with before and after the manufacturing process.

Professional entrepreneurs: entrepreneur starts a business, nurtures it and makes it reach a point of self-sustenance.

IT entrepreneurs :IT entrepreneurs are confined to innovation in the field of Information Technology.

Women entrepreneurs :taking initiatives in starting entrepreneurial activities

Social entrepreneurs :implement solutions that are directed towards society, culture and environment

Family business entrepreneurs :The person carries out all entrepreneurial activities as inherited in the same manner

First generation entrepreneurs: who starts at the age of 50 years without any entrepreneurship background

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

Start-ups

A startup is a company that is in the first stage of its operations.A startup is often financed by the founders until the business gets off the ground, and it gets outside finance or investments. Startups come up with an innovative idea. At the same time, they like to get guidance and mentoring from an expert.

Session 2 Barriers to Entrepreneurship 

Things can stop the person from achieving success. These are called ‘barriers’.

Environmental barriers

• Lack of adequate resources or raw material

• Non‑availability of skilled labour

• Lack of requisite machinery and other infrastructure

• Unavailability of monetary resources on time

No or faulty business plan

if a person does not make an action plan, it may lead to a chaotic situation

Personal barriers

Self-doubt: Self-doubt comes when we do not have confidence in ourselves and our abilities.

Forming a team and teamwork: Finding suitable people and training them to put in

their best for the business

Session 3 Entrepreneurial Attitudes 

Entrepreneurs think and act differently from people who are wage employed An attitude is a way of thinking or feeling about something. It can be positive or negative, good or bad.


Session 4 Entrepreneurial Competencies 






Comments

Post a Comment

Popular posts from this blog

UNIT 1- SESSION1: MEANING AND IMPORTANCE OF PRODUCT

Image
 UNIT 1- SESSION1: MEANING AND IMPORTANCE OF PRODUCT Notes By:- Nagraj Sir    P roduct:- A  product  is any item or service you sell to serve a customer's need or want . they comprise of both tangible and intangible benefits. It may be anything that can be offered to satisfy a want or need and include physical goods, services, experiences, events, places, properties, organization, information and ideas   According to Philip Kotler , “Product is anything that can be offered to someone to satisfy a need                      or a want”. COMPONENTS OF A PRODUCT 1.The Core Product :-  A core product or flagship product is  a company's primary promotion, service or product that can be purchased by a consumer .  It is the basic element of the product.   2.The Associated Features:- The Product includes sev...
Read more

Unit 4 Session 2: Elements of Promotional Mix

 Unit 4 Session 2: Elements of Promotional Mix By: Nagraj Sir Elements of Promotion Mix Promotion can be classified into two types: Above-the-Line (ATL) and Below-the-Line (BTL). ATL communication uses mass media like television and print to reach a large audience, while BTL targets specific audiences in more direct ways, such as at stores or events. BTL activities are increasingly popular due to their cost-effectiveness and ability to provide direct consumer interaction. For instance, brands like Dhara focus heavily on BTL strategies, such as wall paintings and fairs, to target rural markets. There are several key elements in the promotion mix, often categorized into five main areas: Advertising and Word-of-Mouth Communication : Advertising involves paid, non-personal communication to promote products. Word-of-mouth communication, where customers share experiences, plays a crucial role in influencing potential buyers, especially in local or community settings. Sales Promotion : Th...
Read more

Unit-4 Session I : Meaning & Importance

Unit-4 Session I : Meaning & Importance By: Nagraj Sir Meaning of Promotion Promotion refers to communication aimed at reaching the target market. It informs, persuades, and reminds the audience about a product, its availability, and its price. It includes Integrated Marketing Communication (IMC), the communication process, and various promotional tools used to promote products, services, or ideas. Promotion is vital for every business to connect with its target audience. Importance of Promotion Promotion, as part of the marketing mix, serves several important functions: Information : It informs customers about new products, services, or ideas, including where and how to access them. Persuasion : Promotion aims to convince customers to choose one brand over others in a competitive market. Reminder : Continuous promotion reinforces customer loyalty and ensures that customers don't forget the brand, even in challenging times (e.g., during product shortages). Relationship : Throug...
Read more