Entrepreneurial Skills

• Definition of Buisness 


  Buisness - 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 can either be done on a small scale, meaning a business owned by a person or it's family memebers.

  -> Or it can be done on a large scale, meaning business with it's chains all over the country or across the world with profits shared amongst the owners and the employess.
• Types of Business

  Manufacturing - This kind of business uses raw materials, labour, technology, capital and other resources for the productions of finished goods.

  -> It is a step-by-step approach.

  -> Finished goods are sold to the wholesalers, which in turn sell them to retailers.

  e.g- food, beverages, furniture, cosmetics, mobile phones & laptops, etc.
• Types of Business

  Service - This form of business provides services of different types such as consulting, accounting, hospitality and more.

  -> Such types can be delivered either physically or in a digital form through the Internet or mobile apps.

  -> These services are not in the physical form which can be touched or stored or bought. They are provided by the professionals/experts of that field.

  e.g - Salon, Banks, Airtel, Zomato, etc.
• Types of Business

  Merchandising - In this, the finished products are purchased at wholesale price and sold to consumers at retail price.

  -> This is the most common type of business we come across in our daily life.

  -> The form of product is not changed but the products are sold a little higher price that the purchase price that helps them to earn profits.

  e.g - Super market, Grocery stores, retail clothing, stores, etc.
• Types of Business

  Important Features

  
• Types of Business

  Hybrid - Is a mix of two or more different type of businesses.

  -> It can be a service or manufacturing or merchandising or all of these.

  e.g - a restaraunt is manfuctaring by preparing ready to eat food, merchandising by selling beverages with fine meals and provides service by serving home deliveries through oline or offline orders.
• Who is an Entrepreneur? 


  Entrepreneur - is someone who invests his time, energy and money to initiate an exclusive idea for a new venture.

  He may earn profits or bear losses and is wholly responsible for the unpredictable failures and risks.

  -> The word "Entrepreneur" is derived from a French verb "entreprendre" which means "to undertake"

  -> Entrepreneurship is the act of executing an innovative idea in a business.

  -> The output of this innovatibe enterprise is known as an Enterprise.