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                    4                                     Entrepreneurial Skills-I









                      Topics Covered                                                                         95%

                       Definition of Business                            Types of Business Activities
                       Steps for Starting a Business                     Who is an Entrepreneur?
                       What is Entrepreneurship?                         Some Important Terms in Entrepreneurship
                       Entrepreneurship Development                      Characteristics of an Entrepreneur
                       Qualities of an Entrepreneur                      Role of 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 a 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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