SSLC - SOCIAL -ENTREPRENEURSHIP - PART 1-ENGLISH MEDIUM-BUSINESS STUDIES-CLASS-10TH-CHAPTER-2-KSEEB

This video covers the topic about Karnataka state board, SSLC, Social Science, English Medium, Business Studies, Chapter-2, ENTERPRENUERSHIP, Part-1. Entrepreneurship constitutes the driving force of to-day’s market economy. It is one of the four main economic factors namely land, labour, capital and organisation. It is a very powerful factor in changing the business environment of a country and its entire industrial sector. Meaning of Entrepreneur The word entrepreneur is derived from the French word ‘Entreprende’, which means to undertake some activity. Entrepreneur is an innovator of new ideas and business processes. He possesses management skills and strong team building abilities and essential leadership qualities to manage the business. He/She exercises initiative by organising a venture to take the benefit of an opportunity. In business, the entrepreneur decides what, how and how much of goods and services to be produced. He comes up with new ideas for product’s market or techniques. Entrepreneurship : Entrepreneurship is a process of an action of an entrepreneur who undertakes to establish his enterprise. Entrepreneurship is a creative activity. It is the ability to create and build something. It is a knack of sensing the opportunity where others see chaos, contradiction and confusion. Characteristics of an Entrepreneur : • Creativity • Innovation • Dynamism • Leadership • Team building • Achievement motivation • Problem solving • Goal orientation • Risk taking • Decision making • Commitment • Self Confidence The main functions of an entrepreneur are: 1. Entrepreneur starts business activity by preparing various plans relating to business 2. He organises factors of production. 3. He takes decisions about product, technology, marketing, employment etc., 4. He co-ordinates things effectively. 5. He introduces new methods into practice. 6. He handles budget of his concern 7. He bears risk and uncertainty. 8. He gives directions to the business firm and ensures its effective operation. The major role played by the entrepreneurs in the economic development is as follows : 1. Entrepreneurs promote capital formation by mobilizing the idle savings of the citizens. They employ resources for setting up their enterprises. 2. Entrepreneurs provide large scale employment to artisans, technically qualified persons and professionals. 3. Entrepreneurs help the country to increase the Gross Domestic product (GDP) and Per Capita Income. 4. Entrepreneurs encourage effective mobilization of skill, bring in new products and services and develop market for the growth of the economy 5. Entrepreneurs enable the people to avail better quality goods at lower prices which results in the improvement of their standard of living. 6. Entrepreneurs promote development of Industries. They help to remove regional disparities by industrialising rural and backward areas. 7. Entrepreneurs contribute towards the development of society by reducing concentration of income and wealth. 8. Entrepreneurs promote country’s export trade. 9. Entrepreneurs work in an environment of changing technology and try to maximise profits by innovations.