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UNIT

              4                                     Entrepreneurial Skills-I









                Topics Covered                                                                         95%

                 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
                                                         Business
                                   Merchandising                               Hybrid





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