Entrepreneurial Skills Class 10 Notes PDF for session 2021-22 Term 2 board exams.
Are you looking for the best notes for Class 10 IT Unit 4 Entrepreneurial Skills?
In this post, we have shared the best notes for this unit. Notes which cover all the topics and subtopics.
Download the notes PDF, Study these notes, and then you are ready to rock your term 2 board exams. All the best guys.
These Entrepreneurial Skills Class 10 Notes are completely based on the NCERT book officially released by CBSE.
The Notes PDF is given after the notes, and then you will also get the video lecture below the notes PDF.
Entrepreneurial Skills Class 10 Notes
In Unit 4 – Entrepreneurial skills, we have to study these 4 sessions in detail. This whole chapter is super easy and also not lengthy.
| Session 1 | Entrepreneurship and Society. |
| Session 2 | Qualities and Functions of an Entrepreneur. |
| Session 3 | Myths about Entrepreneurship. |
| Session 4 | Entrepreneurship as a Career Option. |
Read the Entrepreneurial Skills Class 10 Notes with full focus, don’t worry this is a really simple chapter you will be able to learn it very quickly. So, let’s start with the introduction of this chapter, and then we will move towards the main sessions.
INTRODUCTION –
Entrepreneurship is the type of self-employment where one is running a business to satisfy the needs of people and looking for ways to make the business better to make profits.
Successful entrepreneurs have the following qualities -:
- They are confident and believe in themselves and their abilities.
- Entrepreneurs keep trying new ideas in their business.
- They are patient.
- An entrepreneur is creative and thinks differently about business ideas.
- He/She takes responsibility for their actions.
- Entrepreneurs make decisions after thinking about them.
- They work hard.
- Entrepreneurs do not give up when they face a difficulty
Pro Tip: Try to remember 3 of these qualities because in board exams there are only short answer questions from Part A Employability Skills.
Session 1: Entrepreneurship and Society
There are mainly two ways by which a person earns a living – wage employment and self-employment. Wage Employed people work for someone else and get paid. Self-employed people start their own businesses to satisfy public demands.
A self-employed person who is always trying to make his/her business better by taking some risks and experimenting with new ideas is an entrepreneur.
Example: Ramya and Ramu both own plant shops. Ramu sits at his shop every day. When customers
come, he sells to them. Ramya walks around and gets customers to her shop. She also sells seeds and flowers with her plants. Ramya is working to do more and grow her business. She has also added a different idea to her business. So, Ramya is an entrepreneur and Ramu is a businessman.
Where do these entrepreneurs do their business?
Answer: Entrepreneurs run their businesses in a market. The market consists of people who buy products or services and also the people who sell them. Thus in the market people are involved in both buying and selling, it is helpful for everyone as everyone involved in these economic activities earns money. And in this way entrepreneurs help in growing the area and society they live in.
What do entrepreneurs do when they run their businesses?
Answer:
- Fulfill Customer Needs
Entrepreneurs identify the problems that people face and based on their demands, Entrepreneurs start their businesses and make money.
- Help Society
Entrepreneurs work towards fulfilling the demands of people and thus making profits. They also contribute their money towards the welfare and development of society. For Example building schools and hospitals etc.
- Sharing of Wealth
As the business grows Entrepreneurs and people working with them tend to enjoy a good lifestyle because they create more and more wealth from their business for themselves.
- Use Local Materials
To reduce the production cost and increase profits at the same time, Entrepreneurs tend to buy their raw materials from the local market. Thus they also help local businesses.
- Create Jobs
As their businesses grow they hire more people thus creating more jobs in society.
- Lower Price of Products
As the number of entrepreneurs increases, the number of entrepreneurs selling the same product also increases, and as a result of healthy competition, the prices of products go down significantly.
Session 2: Qualities and Functions of an Entrepreneur
Qualities – They are confident, creative, hardworking, patient, and responsible.
Functions – Making decisions, Managing the business, Divide the income, Take risks, and Creating a new method, product, or idea.
Session 3: Myths about Entrepreneurship
A myth, or a misconception, is a false belief or opinion about something.
For example, if we think tall people run faster than short people, we have a misconception. It is not true. The truth is that short people can also run fast.
In the same way, here are some misconceptions we might have about entrepreneurship. We will also read about the actual truth.
- The misconception is that every business idea needs to be unique or special.
Truth: A person can take an idea that is already there in the market and do something different with it.
2. The misconception we have is that a person needs a lot of money to start a business.
Truth: The money used to start a business is called capital. Capital is important for starting. However, every business does not need a lot of capital to start.
3. A misconception we have is that only a person having a big business is an entrepreneur.
Truth: No business is big or small. If a person is running a business to fulfill a customer’s need, they are an entrepreneur. Most businesses start small. It becomes big with hard work and creativity.
4. A misconception we have is that entrepreneurs are born, not made.
Truth: An entrepreneur is a person who does whatever it takes to make the business successful.
Being an entrepreneur starts with a way of thinking. You must believe that anything is possible and it shall be achieved. It starts with thinking of an idea that you want to work on, making it different.
There are four misconceptions we broke about entrepreneurship.
Pro Tip: The question in board exams may ask a true/false question based on the misconception or a 1 marker question asking you to list down some of the misconceptions.
Session 4: Entrepreneurship as a Career Option
As we have discussed earlier, there are two ways by which an individual can earn money.
1. Self-employment
2. Wage employment
For example, a doctor who works for a hospital is a wage-employed person. If the same doctor has their own clinic, he or she is a self-employed person.
A person becoming an entrepreneur goes through a three-step process.
Enter – Firstly, the entrepreneur enters the market to start a business.
Survive – As there are many other Entrepreneurs in the market, He/she faces competition from other entrepreneurs.
Grow – As the business becomes more stable in the market then they look for ways to expand it.
So, this was all about Entrepreneurial Skills. Here end the Entrepreneurial Skills Class 10 Notes. We have covered everything in these notes. And Yes these are the best Entrepreneurial Skills Class 10 Notes available on the internet. With this, you are ready to rock your board examinations, and All the best for your term 2 board examinations
Entrepreneurial Skills Class 10 Notes PDF
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Read More – Green Skills Class 10 Notes PDF
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Entrepreneurial Skills Class 10 One-Shot Lecture
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What is the importance of entrepreneurial skills?
Entrepreneurial skills are very necessary for all to know as a country develops only when Entrepreneurs rise up and establish their business and project plan
What are the 3 main important skills of an entrepreneur?
The three main qualities of an Entrepreneur are – Adaptability, persistence, and hard work.
What is entrepreneurship in computer class 10?
It is a long process of developing a business plan, then launching and running a business that meets customer requirements, and making a profit.
So this was all about Entrepreneurial Skills Class 10 Notes.
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