CBSE Class 10 IT – Unit 4 Entrepreneurial Skills II Notes

In this article we providing information regarding latest CBSE Class 10 IT – Unit 4 Entrepreneurial Skills II Notes 2024-25

CBSE Class 10 Information Technology – Unit 4: Entrepreneurial Skills-II Notes 2024-25

We are providing to the point content for the your upcoming Board Examination.

What is Entrepreneurship ?

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.

Qualities of Successful Entrepreneurs

1. They are confident. They believe in themselves and their abilities.
2. They keep trying new ideas in their business.
3. They are patient.
4. They are creative and think differently about business ideas.
5. They take responsibility for their actions.
6. They take decisions after thinking about them.
7. They work hard.
8. They do not give up when they face a difficulty.

Entrepreneurship and Society

There are two ways :

1. Wage Employment – Wage is normally an assured amount (which is agreed upon by both the parties) given to the employee on a daily or weekly basis for his work.
2. Self-Employment – Always tries to make his/her business better by taking risks & trying new ideas.

Simply Entrepreneurs run their businesses in a market. They market has people who buy products and services and people who sell them also. When people are buying and selling from each other. It is helpful for everyone because everyone involved makes money. This is how entrepreneurs help in growing the area and society they live in.

What do Entrepreneurs do when they run their business

Fulfil customer Needs

• Entrepreneurs find out what people want. Then, they come up with a business idea that will meet that demand.

Use Local Materials

• Entrepreneurs use the material and people available around them, to make products at low cost.

Help Society

• They make profits through activities that benefits society. Some Entrepreneurs work towards saving the environment, some give money to build schools and hospitals.

Create Jobs

• With the growth of a business, entrepreneurs look for more people to help them. They buy more material, and also hire more people to work for them.

Sharing of Wealth

• As entrepreneurs grow their business, the people working for them and in related business also grow.

Lower Price of Products

• As more entrepreneurs sell the same product, the price of the product goes down.

Functions of an Entrepreneur

Making Decisions

• An Entrepreneur makes decisions everyday. This includes what to produce or sell
• This includes what to produce or sell, how much and where to sell.

Managing the Business

• An Entrepreneur plans the future of his or her business.
• He or She arrange raw material, hires people & manage them and also check it the plan is being followed.

Divide Income

• The entrepreneur divides the business money to many groups.
• He or He spends money to buy material, pay rent & salaries to people

Taking Risk

• Risk is the chance of something going wrong. An Entrepreneur takes risks against fires, lost items and theft.

Create a new Method, Idea or Product

• An Entrepreneur is always trying new things, He or She does this to increase their importance and income.

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.

Misconception 1

• The Misconception is that every business idea needs to be unique or special

Misconception 2

• The Misconception we have is that persona needs a lot of money to start a business.

Misconception 3

• The Misconception we have is that only a person having a big business is an entrepreneur.

Misconception 4

• A misconception we have is that entrepreneurs are born, not made.

Entrepreneurship as a Career Option

A career is a line of work that a person takes for life. There are two ways a person can earn a living :

• Self – Employment – Business (Own Idea)
• Wage Employment – Job, Salaried Person

Process for Entrepreneur

• Enter
• Survive
• Keep Growing

Thanks to Beloved Readers.