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UNIT
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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