Entrepreneurship 10th Notes KSEEB Social Science
→ ‘Entrepreneurship; constitutes the driving force of to-days Market Economy
→ The word ‘Entrepreneur’ is derived from the French word ‘Entreprende’ which means to undertake some activity.
→ ‘Entrepreneur’ is an inventor of new ideas and business processes.
→ ‘Entrepreneurship is a process of an action of an Entrepreneur who undertakes to establish his enterprise.
→ The characteristics of an Entrepreneur are :
- Creativity
- Dynamism
- Team building
- Problem solving orientation
- Risk taking
- Innovation
- Leadership
- Achievement motivation
- Goal
- Decision making
- Commitment
- Self Confidence
→ The Functions of Entrepreneur are :
- Entrepreneur starts business activity by preparing various plans relating to business
- He organises factors of production.
- He takes decisions about product, technology, marketing, employment etc.
- He co-ordinates things effectively
- He introduces new methods into practice.
- He handles budget of his concern
- He bears risk and uncertainty.
- He gives directions to the business firm and ensures its effective operation.
→ Entrepreneur Plays a pivotal role not only in the development of Industrial sector of a country but also in the development of agriculture and service sector.
→ Entrepreneurs promote capital formation by measuring the idle saving of the public.
→ Entrepreneurial activities tends to add value and creations of wealth, essential for the Industrial and economic development of a country.
→ The self-employed are backbone of a nation.
→ The Government of India promotes private Entrepreneurship by providing the right socio-economic Eco-systems for innovation and development.
→ The key to transform an individual from being ‘self-employed’ to become an ‘Entrepreneur’ is the establishment of a business organisation.
→ The Ministry of Micro, Small and Medium Enterprises (MSMEs) was formed to and the ‘self-employed’ to become ‘Entrepreneur’
→ Financial Institutions help small scale industries by providing loans.
→ The important financial institutions are
- Industrial Development Bank of India (IDBI)
- National Bank for Agriculture 8s Rural Development (NABARD)
- Export and Import Bank (EXIM BANK)
- Small Industries Development Bank of India (SfDBI)
- Industrial Finance Corporation of India (IFCI)
- Industrial Credit & investment Corporation of India (ICICI)
- Industrial Re-construction Bank of India.
- Commercial other Banks.
- State Finance Corporations.
- Life Insurance Corporation of India (LIC)
- Unit Trust of India (UTI)
→ The Entrepreneur promotional organisations established by the government of India support the entrepreneurs in respect of training, financial and Marketing, such as:
- District Industrial Centres (DIC’s)
- Small Industries Development Corporation Ltd. (SIDC)
- National Small Industries Corporation (NSIC)
- Small Scale Industries Board (SSIB)
- Small Industries Service Institutions (SISI)
- Industrial Estates (KIADB)
- Khadi & Village Industries Corporation (KVTC)
- Technical Consultancy Organisations (TCO)
→ Some successful Entrepreneurs are :
- Dr. Prathap Reddy of ‘Appolo Hospitals’
- Naresh Goyal of ‘Jet Airways’
- Narayana Murthy of ‘Infosys Technologies Ltd.’
- Varghese Kurien of ‘Amul’
- Dhirubhai Ambani of ‘Reliance Company’
- Azim Premji of ‘Wipro Technologies’
- Ekta Kapoor of ‘Balaji Tele Films’
- Kiran Mazumdar Shah of ‘Biocon Ltd.’
→ ATM: Automated Teller Machine
→ CONTRADICTION: Ideas Opposed to each other
→ INNOVATION: The process of creating something new
→ PIVOTAL: Of crucial importance in relationship to development
→ MSMEs: Ministry of Small and Medium Enterprises
→ CRECHE: Nursery where young babies or young children are cared for during the working day
→ NASDA: National Association of Securities Dealers Automated Quotations
→ AMUL: Anand Milk Union Limited