Page 104 - AI Ver 1.0 Class 9
P. 104
UNIT 4
EntrEprEnEurial
SkillS-i
Learning Outcomes
• Definition of Business • Types of Business
• Important Features of different types of Business • Forms of Business Organisations
• Steps of Starting a Business • Who is an Entrepreneur?
• What is Entrepreneurship? • Entrepreneurship Development
• Characteristics of an Entrepreneur • Role of an Entrepreneur
• Core Skills of a Successful Entrepreneur • Challenges of an Entrepreneurship
• Rewards 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 a business. If you decide to do a 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 the ways 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 organization 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 on a small scale, owned by a person or its family members. The profits or losses are shared amongst them.
Examples of small businesses can be selling flowers grown in their own farms, running eating outlets or cafes
in the local market, selling readymade garments in the local market, etc.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
There are different types of businesses. Let us discuss some of them:
Manufacturing Service
Types of
Merchandising Business Hybrid
102 Touchpad Artificial Intelligence-IX

