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  Personal Growth: Starting and running a business helps you learn new skills, like problem-solving and
                 managing money. This can help you grow both personally and professionally.



               SESSION             5   Business Activities and Its Types


              Entrepreneurship and business are closely linked. Entrepreneurship involves coming up with new ideas and taking
              risks to create products or services. Business provides the structure and resources needed to turn those ideas into
              real companies. Together, they form a cycle of innovation and growth that drives success in the economy.
                BUSINESS

              A business is an activity where people work together to make and sell products or offer services to earn
              money. The main objective of a business is to provide something that people need or want and to make a
              profit from it.
              The main goals of a business are to:
                Meet Needs: Provide products or services that fulfil the needs or wants of customers.
                Generate Profit: Earn money by selling goods or services at a price higher than the cost of producing
                 them.
                Operate Efficiently: Organise resources like money, people, and materials effectively to ensure smooth
                 operations.
              Business Activities
              Business activities are the essential tasks that keep a business running smoothly. This includes planning what
              the business will do and setting goals, marketing to attract customers, and sales to sell products or services.
              Finance involves managing money and operations and handling daily tasks like inventory and production.
              Each activity is crucial for the business’s success and helps in achieving its goals.




               SESSION             6   Product, Service and Hybrid Businesses


              Product,  service,  and  hybrid  businesses  represent  different  ways  to  offer  value  to  customers. A  product
              business focuses on selling physical goods, while a service business provides intangible services. A hybrid
              business combines both, offering products and related services for a broader customer experience.
              Product Business


              A product business is all about selling physical items or goods. This involves either creating products from
              scratch or  buying them from other  sources and  then  selling  them to customers. For instance, a bakery
              that bakes and sells cakes, or a store that sells electronics like smartphones are both examples of product
              businesses.
              There are two main types of product businesses:
                Manufacturing Business: This type  of business makes products  from raw  materials.  For  example,  a
                 company  that produces smartphones or  a factory that  makes toys is a manufacturing  business. They
                 handle everything from creating the product to finishing it and preparing it for sale. Let’s understand this
                 in detail with the help of the case study given below:







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