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P. 102
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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