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UNIT-4
ENTREPRENEURIAL
SKILLS-I
Learning Outcomes
• Definition of Business • Types of Business Activities
• Who is an Entrepreneur? • What is Entrepreneurship?
• Some Important Terms in Entrepreneurship • Entrepreneurship Development
• Steps for Starting a Business • Characteristics of an Entrepreneur
• Qualities of an Entrepreneur • Role of an Entrepreneurship
• Difference between Businessman and Entrepreneur
After climbing up the ladder of your education, you need to focus on your inner strengths and find out what are
the real long-term plans of your life. You may have to decide whether you should go for a job with a fixed salary
that you will be getting every month or you should go for business. If you decide to do business, then you might
have to further decide whether doing a family business will be a good option for you or you want to try your luck
and skills in your own startup. Both paths have their own advantages and disadvantages. This chapter is all about
giving you an insight into different types of business around us.
Definition of Business
A Business is a state of being busy as an individual or as an organisation in a profit earning economic activity. It
is also defined as a continuous money-making activity by producing, buying or selling products or services. It is a
commercial activity of providing goods and services for earning profits.
Nowadays, along with profit, customer’s satisfaction is equally important for a successful business. A business can
be small-scale, owned by a person or its family members, with profits or losses shared among them. Examples
of small businesses include selling flowers grown on their own farms, operating eateries or cafes in local markets,
and selling ready-made garments locally. Another category can be a large-scale business with its chains all over
the country or across the world, with its profits shared amongst the owners and its employees. For example, pizza
food chain, ready-made apparels chain etc.
Types of Business Activities
There are majorly three types of business activities:
Product business
A business that is involved in the production and sale of any product. This type of business involves activities
related to the manufacturing, distribution, and marketing of a product. For example, a sports shop, furniture shop.
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