entrepreneurial journey class 11 notes

CBSE Class 11 Entrepreneurship – Entrepreneurial Journey Revision Notes

Cbse revision notes for class 11 entrepreneurship chapter 3 – entrepreneurial journey – free pdf download.

CBSE Revision Notes of Entrepreneurship Class 11 Chapter 3 have been carefully formulated by subject experts who are adept with years of experience and learning. Students can easily access the latest Class 11 Entrepreneurship Chapter 3 Notes from CoolGyan.Org and strengthen their understanding of Entrepreneurship Class 11 Chapter 3 Entrepreneurial Journey.

CBSE Class 11 Entrepreneurship Revision Notes for Entrepreneurial Journey of Chapter 3

Facts That Matter 1.  There are seven personality types of Entrepreneurs: Trailblazers, Go-getters, Managers, Motivators, Authoritarians: Collaborators and Diplomats . 2.  Ways to generate ideas are : Environment scanning, creativity and creative problem solving-Brainstorming-Focus group-Doing Market Research. 3.  Environment scanning means the screening of large amounts of information to detect emerging changes or trends. 4.  Feasibility study studies the viability of the enterprise. 5.  Types of feasibility study are Market Feasibility, Technical Feasibility, Financial Feasibility. 6.  Organisational Feasibility defines the legal and corporate structure of the business. 7.  Opportunity Assessment is a more in-depth review of business opportunity. 8.  Business Plan is a written summary of various elements involved in starting a new enterprise. 9.  Challenges faced by woman entrepreneurs are patriarchal society, lack of opportunities-enabling technologies for women, social barriers-attitude of creditors towards women, limited mobility. 10.  The key to a successful execution is alignment. Words That Matter 1. Warm Selling  means that the collaborators bring the prospect to them, often through a letter or advertisement enticing the prospect to contact them for more information about their product or service. 2. Cold Selling  is the one that involves picking up the phone and dialing for dollars, or hitting the streets looking for prospects door to door. 3. Creativity  is the ability to combine ideas in a unique way or to make unusual associations between the ideas. 4. Attribute listing  is a method in which entrepreneur develops a new idea by looking at the positive or negative features of a product or a service. 5. Free association  is a process whereby, an entrepreneur develops a new idea through a chain of word associations, etc. 6. Environment Scanning  the screening of large amounts of information to detect emerging changes or trends. 7. Brainstorming  is way of generating idea in which a group of persons sit together and generate a number of business ideas by innovating alternative ways of meeting the needs and solving problems. 8. Intuition  is a cognitive process by which subconsciously decisions are made on the basis of accumulated or cumulative knowledge and experiences. 9. Feasibility Study  is a controlled process for identifying problems and opportunities, determining objectives, describing situations, defining successful outcomes, and assessing the range of costs and benefits associated with several alternatives for solving a problem.” 10. Market Feasibility:  This involves a complete description of the industry, current situation of the market, anticipated future of the product, competition, sales projections, etc. 11. Technical Feasibility:  This involves the issues like how to deliver a product or service, transportation, location of the enterprise, technological requirement, etc. 12. Financial Feasibility:  It involves the issues like requirement of the start-up capital, seed capital, sources of capital, returns on investment, etc. 13. Organisational Feasibility:  It involves the legal and corporate structure of the business, size of the venture, legal formalities and requirements, etc. 14. Opportunity Assessment  is in-depth review of business opportunity, market research, intellectual property analysis, opportunity development timing, legal liability issues, applications of the opportunity, barriers to entry, industry trends, growth potential, market positioning, competitive analysis, financial projections and pricing, resource requirement analysis and licensing, etc. 15. Business Plan  is a written summary of various elements involved in starting a new enterprise like arrangement of resources, mobilizing resources, etc. 16. Focus Groups  is a way of generating idea in which the groups of individuals provide information about proposed commodity (good or service) in a structured setting. Group provide an excellent way to generate new ideas and to screen proposed ideas and concepts.

NCERT Entrepreneurship Class 11 chapter 3: Entrepreneurial Journey Notes

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Entrepreneurship is a dynamic and exciting field that is essential for budding business minds, especially for students in Class 11. At WitKnowLearn, we emphasize the importance of understanding the entrepreneurial journey in depth. Chapter 3 of the Entrepreneurship Class 11 curriculum delves into this journey, exploring various facets that define an entrepreneur's path to success.

Our Entrepreneurship Class 11 Chapter 3 notes are specifically designed to guide students through the stages of an entrepreneurial journey. These notes cover key aspects such as the initial ideation phase, the challenges of starting and running a business, and the strategies for growth and sustainability. They also address the common hurdles that entrepreneurs face and offer insights on how to overcome them.

An important part of these notes is the distinction between the terms 'entrepreneur' and 'entrepreneurship'. While an entrepreneur is an individual who initiates, operates, and assumes the risk of a business venture, entrepreneurship refers to the process of setting up a business, including taking financial risks in the hope of profit. Understanding this distinction is crucial for students to grasp the full scope of what it means to embark on an entrepreneurial journey.

At WitKnowLearn, we believe in providing resources that are not just informative but also inspire students to think creatively and develop their entrepreneurial skills. Our notes for Entrepreneurial Journey Class 11 are tailored to foster a deep understanding of the entrepreneurial world and encourage students to envision their own paths in this exciting field.

For those interested in a more detailed analysis, including the differences between an entrepreneur and entrepreneurship, we recommend referring to comprehensive resources that can provide a deeper dive into these topics, possibly through a detailed PDF or other educational materials specifically focused on this subject.

Understanding the Entrepreneurial Journey

Key Personality Types of Entrepreneurs

• Seven Entrepreneurial Personalities: Entrepreneurs often fall into seven distinct categories: Trailblazers, Go-getters, Managers, Motivators, Authoritarians, Collaborators, and Diplomats. Each type brings unique strengths to a business venture.

Generating Ideas and Scanning the Environment

• Idea Generation Methods: Entrepreneurs use various techniques like environment scanning, brainstorming, focus groups, and market research to generate business ideas.
• Environment Scanning: This involves analyzing vast amounts of information to spot emerging trends and changes, crucial for staying ahead in business.

Feasibility Studies and Opportunity Assessment

• Feasibility Study Types: Entrepreneurs conduct Market, Technical, Financial, and Organizational feasibility studies to assess the viability of their ventures.
• Opportunity Assessment: This thorough review includes market research, intellectual property analysis, legal liability issues, and competitive analysis, among others, to evaluate a business opportunity comprehensively.

Business Plans and Women Entrepreneurs' Challenges

• Business Plan Essentials: A business plan is a detailed document outlining the various elements involved in starting a new enterprise, including resource arrangement and mobilization.
• Challenges for Women Entrepreneurs: Women in entrepreneurship often face hurdles like societal norms, limited access to enabling technologies, social barriers, and restricted mobility.

Sales Techniques and Creative Processes

• Warm vs. Cold Selling: Warm selling draws prospects through enticing advertisements, whereas cold selling involves direct outreach like phone calls or door-to-door visits.
• Creativity and Ideation Methods: Creativity in entrepreneurship involves unique idea combinations. Techniques like attribute listing, free association, and brainstorming help in generating innovative ideas.
• Intuition in Decision Making: Intuition plays a significant role in entrepreneurship, where decisions are often based on cumulative knowledge and experiences.

Structuring and Conducting Feasibility Studies

• Detailed Feasibility Analysis: Each type of feasibility study, whether market, technical, financial, or organizational, addresses specific aspects vital to the success of a venture.
• Focus Groups for Idea Validation: Focus groups are instrumental in generating and screening new ideas and concepts for goods or services.

This comprehensive overview of the entrepreneurial journey highlights the multifaceted nature of starting and running a successful business. From personality types to feasibility studies and from creative ideation to the specific challenges faced by women entrepreneurs, each element plays a crucial role in shaping the entrepreneurial path.

difference between entrepreneur and entrepreneurship

The terms "entrepreneur" and "entrepreneurship" are closely related but have distinct meanings in the business world. Understanding the difference between them is crucial for grasping the full scope of business creation and management.

Entrepreneur:

• An entrepreneur is an individual.
• They are the person who conceives a business idea and takes the initiative to turn that idea into reality.
• Entrepreneurs are risk-takers, willing to face financial and personal risks to launch and manage their business ventures.
• They are innovators, often introducing new products or services, or finding new ways to improve existing ones.
• Entrepreneurs are also decision-makers, overseeing the operations and setting the strategic direction of their businesses.

Entrepreneurship:

• Entrepreneurship is a process or concept.
• It refers to the act of creating, designing, launching, and running a new business, which typically starts as a small business, such as a startup company.
• Entrepreneurship involves identifying and exploiting business opportunities. It includes developing a business plan, acquiring the necessary physical and human resources, and being responsible for its success or failure.
• It's a broader concept that encompasses the various functions and activities needed to start and operate a business.
• Entrepreneurship also implies the capacity and willingness to develop, organize, and manage a business venture along with any of its risks to make a profit.

In summary, an entrepreneur is the person who undertakes the journey of entrepreneurship. While the entrepreneur is the visionary and driving force behind a business idea, entrepreneurship encompasses the entire process and activities involved in realizing that idea and sustaining the resulting business.

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Home / Blog / CBSE Class 11 Entrepreneurship Syllabus, Notes PDF, Books

CBSE Class 11 Entrepreneurship Syllabus, Notes PDF, Books

• Last Updated on Dec 28, 2023

The CBSE has issued the syllabus of Class 11 Entrepreneurship for the 2022-23 session. The entrepreneurship subject is introduced in the curriculum to develop business acumen among young students. According to CBSE, Entrepreneurship is an academic subject with code 066. It is primarily a theoretical subject mainly chosen by students who prefer economics.

The class 11 Entrepreneurship syllabus includes: (a) Concept & Functions (b) An Entrepreneur and his Journey (c) Entrepreneurship as Innovation & Problem Solving (d) Understanding the Market, Business Finance & Arithmetic (e) Resource Mobilization.

In this article, you’ll know everything about Class 11 Entrepreneurship, its syllabus, notes, sample papers, marking scheme and more.

Also Check: RBSE Class 11th Syllabus 2024

CBSE Class 11th Entrepreneurship Subject (Code 066)

The class 11th Entrepreneurship Subject is best suited for students who are resourceful. The one who wants to be a job creator and wants to develop organizational and business skills.

The exam pattern of the Class 11 Entrepreneurship subject is:

• Total marks: 100 marks
• Theoretical: 70 marks
• Practical: 30 marks
• Total periods: 240 periods

Reasons why students choose Entrepreneurship in class 11:

• To develop businessman skillset
• Understand the Industrial trend
• Cope up with business jargon
• Develop analytical and decision-making skills
• Help in economic opportunities for the weaker section.

Also Check: CBSE Class 11 Sample Papers 2024

Class 11 Entrepreneurship Syllabus 2022-23

Check the complete syllabus of entrepreneurship that you’ll be studying in the 2023 session. The syllabus is divided into 7 units which are mentioned below:

1st Unit: Entrepreneurship: Concept and Functions

• Entrepreneurship – Concept, Functions and Need
• Why Entrepreneurship for You
• Myths about Entrepreneurship
• Advantages and Limitations of Entrepreneurship
• Process of Entrepreneurship
• Entrepreneurship–The Indian Scenario

2nd Unit: An Entrepreneur

• Why be an Entrepreneur
• Types of Entrepreneurs
• Competencies and characteristics
• Entrepreneurial Values, Attitudes and Motivation
• Intrepreneur: Meaning and Importance

3rd Unit: Entrepreneurial Journey

• Self-Assessment of Qualities, Skills, Resources and Dreams
• Idea generation.
• Feasibility Study and opportunity assessment
• Business Plan: meaning, purpose and elements
• Execution of Business Plan

4th Unit: Entrepreneurship as Innovation and Problem Solving

• Entrepreneurs as problem solvers
• Innovations and Entrepreneurial Ventures – Global and Indian
• Role of Technology – E-commerce and Social Media
• Social Entrepreneurship – Concept
• Risk Taking-Concept and types

5th Unit: Concept of Market

• Market; Concept, Types
• Micro and Macro Market Environment
• Market Research – Concept, Importance and Process
• Marketing Mix

6th Unit: Business Finance and Arithmetic

• Unit of Sale, Unit Price and Unit Cost – for a single product or service
• Types of Costs – Start-up, Variable and Fixed
• Income Statement • Cash flow projections
• Break Even Analysis – for a single product or service

7th Unit: Resource Mobilization

• Types of Resources –Physical, Human, Financial and Intangible.
• Selection and utilization of human resources and professionals like Accountants, Lawyers,     Auditors, Board Members, etc.
• Estimating Financial Resources requirement
• Methods of meeting the financial requirements
• Size and capital-based classification of business enterprises.

11th Entrepreneurship Notes (Unit-wise)

After you finished reading all the chapters of a unit, prepare notes in the following sequence:

1st Unit Notes

• Why we need Entrepreneurship in our economy
• Our assumptions on how entrepreneurship can help shape one’s career
• Myths, advantages and limitations of Entrepreneurship
• Describing  the steps in the process of Entrepreneurship
• Mentioning the current scenario of Entrepreneurial activity in India

2nd Unit Notes

• Motivation points to becoming an entrepreneur
• Differences  between various types of entrepreneurs
• Different competencies of an Entrepreneur
• Importance of Ethical Entrepreneurship
• Difference between Entrepreneur and Intrapreneur

3rd Unit Notes

• Entrepreneurial qualities and competencies
• Ways of idea generation.
• Concept of types of a feasibility study
• How to Draft a basic business plan
• Reasons for success and failure of business plan

4th Unit Notes

• Role of entrepreneurs as problem solvers
• Role of global and Indian innovations in entrepreneurial ventures
• Use of technology and digitization for new businesses.
• The concept of social entrepreneurship
• Risk in entrepreneurial ventures

5th Unit Notes

• How to scan the market environment
• How to conduct market research
• Elements of the marketing mix

6th Unit Notes

• Unit Cost, Unit of Sale, Unit Price of a product or service
• The components of COST – Start-up and operational costs
• How to Prepare Income Statement and cash flow projection 7
• How to Calculate the break-even of a single product and service
• Differences between Cash flow & Cash flow projections
• Importance of Cash Flow Projections in the smooth flow of finances in the business

7th Unit Notes

• Different types of resources tools – Physical and material, Human, Financial, Intangibles
• Methods to secure business finance.
• Use of debt and equity in estimating the financial requirements of an enterprise
• Differences, advantages and disadvantages of Debt and Equity
• The financial requirements of an enterprise
• Meaning of fixed and working capital

CBSE Class XI Entrepreneurship Marking Scheme

All the subjects’ question paper is divided into two major sections. Theoretical and practical assessments. The assessment scheme is similar for both Class XII and XI on the CBSE board.

*****Unit 5 which covers the concept of market topic has the highest weightage in this course.

Must Check : CBSE Class 11 Exam Dates 2023-24

Class 11 Entrepreneurship Books

Students are advised to follow only the NCERT class 11 book to prepare for the Entrepreneurship exam. Students can download the book from the link below:

Download PDF Class 11 Entrepreneurship Book

Other Books recommendations : Entrepreneurship By Robert D Hisrich; Michael P Peters: Dean A Shepherd / Tata McGraw Hills Education Private Limited

NCERT Solution for Entrepreneurship

We can divide the entire NCERT solution into 7 units. We are hereby providing the complete syllabus, question, sample papers, and marking scheme for the CBSE class 11 entrepreneurship subject. Students can download PDF format of books, syllabus and notes from here:

CBSE Class 11 Entrepreneurship Solutions

Our online coaching classes will help to give you the complete solution to all the questions in NCERT textbooks. Students can enrol with VSI 11th coaching for all the subjects of Class 11 Entrepreneurship.

CBSE class 11 Entrepreneurship Sample  Question paper for 2022 exams

Download the sample question paper that will help you to prepare for the CBSE class 11 Entrepreneurship exams 2022. The sample papers are curated by our team of expert teachers of specific subjects.

EP Sample question paper – Download PDF

Check the CBSE Class 11 sample papers of all the subjects by clicking on this link.

CBSE Class 11 Entrepreneurship Projects Assignment

CBSE curriculum for class 11 Entrepreneurship is assessed through theoretical and conceptual understanding. The students need to submit a project file on time for 20 marks. These marks will be added along with the total marks obtained in exams.

Project Work for CBSE class 11 Entrepreneurship

(Any Two files)

1. Visit of the District Industries Centre and prepare a report of activities and programs undertaken by them

2. Conduct a case study of any entrepreneurial venture in your nearby area.

3. Field Visit: Visit any business firm near your locality; interact with the owner of the business firm and prepare a field report on parameters like: type of business, scale of business, product/service dealing in, target customer, problems faced and measures to solve the faced challenges.

4. Learn to Earn

5. Know your State Handicraft and Handlooms as a means of economic activity for the livelihood of people and intellectual property rights attached to them for the promotion of local specific skills.

Entrepreneurship can be an easy subject if you grasped the fundamental understanding of being into business. The right approach to study this business is by solving case studies and familiarity with current affairs.

VSI is the best CA institute in India. We help students to prepare for CA exams. CA is one of the most searched professional courses after 12th commerce . We provide exclusive online CA coaching for students from class 11th and 12th who want to enrol for CA course after clearing their senior secondary exams 2022. We provide CA Foundation coaching , CA Intermediate coaching and CA Final coaching Under one roof.

Ques 1. What is the entrepreneurship subject?

Ans. This subject teaches you about the basics of entrepreneurship, its concepts, components, and crucial terms. It will help students in knowing about the entrepreneurship at a basic level.

Ques 2. Is entrepreneurship an optional subject?

Ans. Yes, it is an optional subject. Students who are interested in business can study entrepreneurship.

Ques 3. Is entrepreneurship a scoring subject in CBSE?

Ans. Yes, it is a scoring subject if you have studied the concepts thoroughly.

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Entrepreneurship

CBSE Class 11 Entrepreneurship Entrepreneurial Journey Notes

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Embark on the entrepreneurial journey with our CBSE Class 11 Entrepreneurship Entrepreneurial Journey Notes. Tailored to the CBSE curriculum, these notes provide a comprehensive overview of the entrepreneurial process, challenges, and key considerations. Organized for clarity and understanding, this resource facilitates effective exam preparation. Download now to enhance your understanding of the entrepreneurial journey and excel in your studies.

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All Students learning in CBSE Class 11 need to practice many questions for Chapter 3 Entrepreneurial Journey Question and Answer. Students can easily practice questions from the Worksheet PDF. Top teachers recommend this resource material, and students are advised to take advantage of this study material.

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• Built-in assessments for self-evaluation.

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• Language: English
• Number of Pages: 5
• Subject: Entrepreneurship

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Table of Contents

NCERT Solutions for Class 11 Entrepreneurship chapter 3 Entrepreneurial Journey

Textbook questions solved.

Question 1. Answer the following in about 15 words:

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Target Exam ---

(i) List the fields in which ‘Trailblazer’ has business strengths.

(ii) List the fields in which ‘Motivator’ has business strengths.

(iii) List the fields in which ‘Collaborator’ has business strengths.

(iv) List the fields in which ‘Diplomat’ has business strengths.

(i) The trailblazers business strengths include the medical, technology, finance, legal and consulting fields.

(ii) Motivators do well in business with partners, or in a business that involves others.

(iii) Collaborators are good at running customer service-oriented or retail businesses, or any business where being convincing is an important aspect of getting the job done, and done right.

(iv) The diplomats excel in retail or other people-oriented environments. Both outgoing and empathetic, they tend to be well-liked, but they sometimes have a hard time asserting them self and holding others accountable.

Question 2.Answer the following in about 50 words:

(i) Describe the characteristics of a ‘go-getter’ type of personality.

(ii) What is brainstorming?

(iii) What do you mean by ‘Environment Scanning’?

(iv) What are focus groups?

(v) Explain ‘feasibility study’.

(vi) What do you think is the reason for failure of business plan execution?

Answer: (i) Go-getters

• have dominance and sociability,
• are very driven and independent,
• are competitive,
• have great deal of initiative,
• have sense of urgency to get things done,
• are good leaders and good managers,
• work well in ambitious and unfamiliar environments.

(ii) Brainstorming is a way of generating idea in which a group of persons sit together and generate a number of business ideas by innovating alternative ways of meeting the needs and solving problems.

(iii) Environment scanning means the screening of large amounts of information to detect emerging changes or trends. Information is scanned from news magazines, reviews, government and consumer publications, trade publications, commercials, etc. Lot of effort is put in but in the end it is energy well spent.

(iv) Focus groups is a way of generating idea in which the groups of individuals provide information about proposed commodity (good or service) in a structured setting. Group provides an excellent way to generate new ideas and to screen proposed ideas and concepts.

(v) Following are the types of feasibility study:

• Market Feasibility: This involves a complete description of the industry, current situation of the market, anticipated future of the product, competition, sales projections, etc.
• Technical Feasibility: T his involves the issues like how to deliver a product or service, transportation, location of the enterprise, technological requirement, etc.
• Financial Feasibility: It involves the issues like requirement of the start-up capital, seed capital, sources of capital, returns on investment, etc.
• Organisationa Feasibility: It involves the legal and corporate structure of the business, size of the venture, legal formalities and requirements, etc.

(vi) Many plans fail because of following reasons:

• Companies often fail to deliver on their promises.
• The strategy followed was wrong.
• Strategies not executed well.
• The failure to execute the plan.
• Ineffective linkage of strategy, people, and work processes.

Question 3.Answer the following in about 75 words:

(i) What do you mean by ‘Opportunity Assessment’?

(ii) Why are feasibility studies more important?

(iii) Why do you think the role of family in an entrepreneur’s life is important?

(i) Opportunity Assessment includes in-depth review of business opportunity, market research, intellectual property analysis, opportunity development timing, legal liability issues, applications of the opportunity, barriers to entry, industry trends, growth potential, market positioning, competitive analysis, financial projections and pricing, resource requirement analysis and licensing, etc.

(ii) Following are the main features of feasibility study:

• Process: A feasibility study is a process in which an idea is studied to see whether it will work and if going to work then how it will work.
• Comprehensive: A feasibility study looks at the total structure, needs, requirements, operations of a business, etc.
• Specific: Feasibility study looks at one issue, i.e. specific task, program, idea, or problem.
• Pros and cons: A feasibility study looks at both sides, i.e. merits and demerits. It also takes into consideration potential problems.
• Foundation: A feasibility study serves as a foundation for developing a successful business plan.
• Essential requirement for loan: Lending financial institution require the feasibility study considering the proposal for loan by the entrepreneur.
• What family and friends think or opine about entrepreneurship has a crucial role to play.
• Besides, the view of the family, their support and the society with regard to failure is also a very important factor.
• Family’s support is very essential as the entrepreneur need to borrow initial finances from the family and friends.
• The family’s attitude towards education and other careers in fields like medicine, engineering, etc. are also likely to dominate the youth’s mindset towards entrepreneurship.
• A prospective bride-groom can also become a deciding factor, promoting or inhibiting entrepreneurship.

Question 4.Answer the following in about 150 words:

(i) According to Dell, what was the final outcome of the study about women entrepreneurs.

(ii) Explain in detail any four entrepreneurial types.

(iii) Explain any four main sources of ideas.

(iv) Explain the types of feasibility study.

(v) Differentiate between feasibility study and business plan.

(vi) What purposes does a business plan serve?

(i) According to a new study commissioned by Dell in January 2012, the ideal country to be where a woman starting a business in 2012 could well be India. Women entrepreneurs in India anticipate, an average of 90 per cent over the next five years.

(ii) Following are the details of four types of entrepreneurs:

(a) Trailblazers: Trailblazers are:

• very competitive
• goal-oriented
• tend to be aggressive
• sometimes take a steamroller approach
• restless and energetic
• a strong drive
• sense of urgency
• logical, analytical, practical and realistic
• calculated risk takers

Trailblazers tend to have two speeds: fast and faster. They aren’t happy unless they are in charge. Trailblazers tend to take their decisions on facts rather than feelings. The trailblazers business strengths include the medical, technology, finance, legal and consulting fields. Trailblazers prefer being the driving force of a business.

(b) Go-getters

• have dominance and sociability
• are very driven and independent
• are competitive
• have a great deal of initiative
• have sense of urgency to get things done
• are good leaders and good managers
• work well in ambitious and unfamiliar environments Go-getters represent the largest percentage of the founders.
• Go-getters show a great deal of initiative, coupled with a compelling sense of urgency to get things done. Go-getters are typically good leaders and good managers, excelling at motivating themselves and those around them.
• The go-getter’s business strengths could include doing well in retail, but may prefer being the outside rainmaker.
• They work well in ambitious and unfamiliar environments. They can invest in, buy or start a business that’s totally new to you and still make a success of it. They don’t need to be an expert in the field to start the business, they are good collaborators and can learn as they go.

(c) Managers. The features of managers are:

• dominant and independent
• very goal-oriented
• quite analytical
• focusing more on processes and outcomes than on people
• straightforward style of communication
• have a higher-than-average level of relaxation
• loyal, sometimes to a fault, as they consider their employees to be an extension of their family.
• The manager’s business strengths are:
• doing things on their own
• they excel at competitive selling because they enjoy overcoming rejection and achieving goals.
• they enjoy working by themselves. Managers excel at competitive selling because they enjoy overcoming rejection and achieving goals despite obstacles.

(d) Motivators. Motivators have following features: They:

• have a high level of sociability.
• have the ability to work well under pressure and in autonomous situations.
• are great consensus builder and a good collaborator

Question 5.Answer the following in about 250 words:

(i) Explain in detail the elements of business plan.

(ii) Although there is no singular process to manage the execution of a business plan, there are basic processes-and fundamentals to be followed. Enlist them.

(iii) Explain in detail any six problems faced by women entrepreneurs.

Answer: (i) Proposed Business Plan has the following parts:

1.General Introduction

• Name and address of business
• Name and address of entrepreneur
• Stakeholder of business
• Nature of business and customers

2. Business Venture

• Product(s) to be offered
• Service(s) to be offered
• Scale of business operation
• Type of technology used
• Type of skilled personnel required

3. Organized Plan

• Form of ownership, sole proprietorship, partnership or joint stock company
• Identification of business, associated partners/members, etc.
• Administrative structure
• Identification of management team

4. Production Plan

• Details of manufacturing process
• Physical infrastructure required
• Types of plant and machinery
• Raw materials to be used
• Requirement of power, water, etc.

5. Human Resource Plan

• Categories of human resources or staff required
• Human resource already identified
• Human resource required to be procured
• Time frame for procurement of human resource

6. Marketing Plan

• Products and services offered
• Pricing policies
• Promotional strategies
• Logistics for distribution
• Channels of distribution

7. Financial Plan

• Breakeven analysis
• Fixed capital requirements
• Working capital requirement
• Sources of capital
• Schedule of procurement of capital
• Schedule of procurement of asset
• Cash flow projection

8. Miscellaneous/Appendix

• Market research report
• Contract with venders
• Contract with financial institutions
• Type of business risk
• Contingency plan

(ii) Following processes and fundamentals to be followed for managing the execution of a business plan:

• Focus on Core competencies: Focusing on the core competencies, specific quantifiable goals to support the strategy must be drafted and formulated.
• Evaluation: The organization must be evaluated. It must ensure that the right people with the right skills are in the right jobs. It require reallocation of human resources if required. Right number of employees in the various departments are to be appointed.
• Identification: Identification of the following is must—the key initiatives, broad actions that must be accomplished, transitional issues, or the gaps, between where you are today and where you plan to be. Every employee must understand his/ her individual role in accomplishing his/her aspect of the plan.
• Budget: Budget is to be prepared to support the plan.
• Communicate well: There is to be a effective way of giving the message out to the entire organization. Develop compensation and reward systems to support the future vision of the organization.
• Review process: Establishing a review process because the markets, customers, competitors, government regulations, economy, etc. evolve; some priorities, and possibly some goals, may change.

(iii) The following are some of the limitations faced by women entrepreneurs:

• Patriarchal society: The gender bias exists in society and is due to the patriarchal attitude.
• Lack of opportunities: In some area education still has not reached to every female, the lack of education is thus a barrier.
• Enabling technologies for women: There is lack of more opportunities regarding new methods of production, marketing and other modern technologies for women.
• Social barriers: In rural areas, more social barriers are faced. This is due to lack of education and positive legislation.
• Attitude of creditors towards women: Women entrepreneurs suffer while raising and meeting the financial needs of their business. The society was slightly biased in their attitude towards women entrepreneurs.
• Organised sector: The skilled women work more in the un-organised sector and hence does not get her due.

MORE QUESTIONS SOLVED

I. Very Short Answer Type Questions [1 Marks]

Question 1 . Does personality matter in becoming a successful entrepreneur?

Answer: Yes, successful entrepreneurs share a number of common features and these features are the predominant indicators of their success.

Question 2. What are the benefits of choosing ventures that are in sync with the true personalities of the entrepreneur?

Answer: Such entrepreneur tend to experience the greatest level of success and fulfilment.

Question 3. Who has the potential to grow a successful business?

Answer: Every person, has the potential to grow a successful business.

Question 4. What does one need to determine for a successful entrepreneur?

Answer: One has to determine the right opportunity for becoming a successful entrepreneur.

Question 5. What is needed to bridge the gap between who we are and what the opportunity requires?

Answer: Self-awareness.

Question 6. Name the types of entrepreneurs.

Answer: Entrepreneurs can be divided into seven types:

• Trailblazers
• Authoritarians
• Collaborators

Question 7. What are the two speeds of Trailblazers?

Answer: Trailblazers tend to have two speeds: fast and faster.

Question 8. When are Trailblazers happy?

Answer: Trailblazers aren’t happy unless they are in charge.

Question 9. What the Trailblazers tend to base their decisions on?

Answer: Trailblazers tend to take their decisions on facts rather than feelings.

Question 10. What does the trailblazer’s business strengths include?

Answer: The trailblazers business strengths include the medical, technology, finance, legal and consulting fields.

Question 11. Why is a Trailblazer able to focus easily on marketing and operations?

Answer: Strong strategic thinking power enables the Trailblazer to focus easily on marketing and operations.

Question 12. What is a challenge faced by the Trailblazers?

Answer: Their challenge faced is to be working with people as they are usually better leaders than managers.

More Resources for Class 11

• NCERT Solutions for Class 11
• NCERT Solutions for Class 11 Physics
• NCERT Solutions for Class 11 Chemistry
• NCERT Solutions for Class 11 Maths
• NCERT Solutions for Class 11 Biology

Question 13. What does Trailblazers prefer?

Answer: Trailblazers prefer being the driving force of a business.

Question 14. What tasks are not normally taken by the Trailblazers?

Answer: Trailblazers wouldn’t buy a franchise or distributorship.

Question 15. When are Trailblazers highly innovative?

Answer: They are highly innovative, especially when it comes to taking an idea to the next level.

Question 16. What makes the largest percentage of the founders?

Answer: Go-getters represent the largest percentage of the founders.

Question 17. What does Go-getter’s business strength?

Answer: The Go-getter’s business strengths could include doing well in retail, but may prefer being the outside rainmaker.

Question 18. Managers excel at competitive selling. Why?

Answer: Managers excel at competitive selling because they enjoy overcoming rejection and achieving goals despite obstacles.

Question 19. How do the Motivators tend to deal with the most negative arguments?

Answer: Motivators tend to deal with the negative arguments by using the three F’s—feel, felt and found—saying,—I understand how you are feeling. In fact, I have felt the same way, but when I learned, what I found was (again, insert your point).

Question 20. Motivators excel what?

Answer: Motivators excel at leadership or sales.

Question 21. Motivators do well in which business?

List the fields in which ‘Motivator’ has business strengths.

Answer: Motivators do well in business with partners, or in a business that involves others.

Question 22. What are motivators good at?

Answer: Motivators are good at nurturing relationships and do best in a business that involves keeping clients for the long term.

Question 23. In what roles the Motivators do well?

Answer: Motivators do well in the toughest of customer service roles, as they are able to see both sides of the coin.

Question 24. Give the examples of businesses that fit the authoritarians.

Answer: Dry cleaning stores, liquor or convenience stores where the need for the product or service is strong.

Question 25. What does an Authoritarian see his customer as?

Answer: An Authoritarian see his customer as an extension of his family.

Question 26. Why do Authoritarian dislike prospecting?

Answer: Authoritarian dislike prospecting as they are accommodating.

Question 27. Till how long are the Authoritarian successful?

Answer: Authoritarian can be very successful as long as the organization is well-supported with advertising and marketing.

Question 28. What is the difference between Collaborator and Authoritarian?

Answer: The difference between Collaborator and Authoritarian is that they have a personality gift called sociability.

Question 29. What characteristics allows Collaborator and Authoritarian to use their influence?

Answer: Sociability allows to use their influence to get what they want.

Question 30.Collaborators are good at what?

Answer: Collaborators are good at running customer service-oriented or retail businesses, or any business where being convincing is an important aspect of getting the job done right,

Question 31. When does the collaborators do well?

Answer: Collaborators do well within structured environments where people are an element of success.

Question 32. Collaborators can be great salesman. Why?

Answer: Collaborators can be great salesmen in a warm selling market because they use their sociability to sell their expertise.

Question 33. What is the meaning of ‘warm selling’?

Answer: ‘Warm selling’ means that the collaborators bring the prospect to them, often through a letter or advertisement enticing the prospect to contact them for more information about their product or service.

Question 34. What does ‘cold selling’ mean?

Answer: ‘Cold selling’ is the one that involves picking up the phone and dialling for dollars, or hitting the streets looking for prospects door to door.

Question 35. Collaborators are not comfortable with what?

Answer: Collaborators aren’t comfortable with cold calling or pitching new ideas as they like to follow prescribed rules and guidelines.

Question 36. Why the Diplomats work at their full capacity?

Answer: Diplomats work at full capacity because of their compliance and their need to do things right, their work at their full capacity.

Question 37. Diplomats can experience difficulty in what?

Answer: Diplomats can experience difficulty in delegating details, but do a great job when they can do the work themselves.

Question 38. What are the two important elements to success of Diplomats?

Answer: Sociability and drive in their personalities are two important elements to success.

Question 39. What do you mean by Generating ideas?

Answer: Generating ideas is an innovative and creative process. In the process of generating ideas, ideas come from, ways to generate ideas and the role of structured approach, analysis and intuition.

Question 40. What is Creativity?

Answer: Creativity is the ability to combine ideas in a unique way or to make unusual associations between the ideas.

Question 41. What is attribute listing?

Answer: Attribute listing is a method in which entrepreneur develops a new idea by looking at the positive or negative features of a product or a service.

Question 42. What do you mean by free association?

Answer: Free association is a process whereby an entrepreneur develops a new idea through a chain of word associations, etc.

Question 43. What is intuition?

Answer: Intuition is a cognitive process by which subconsciously decisions are made on the basis of accumulated or cumulative knowledge and experiences.

Question 44. What is a Business Plan?

Answer: A Business Plan is a written summary of various elements involved in starting a new enterprise like arrangement of resources, mobilizing resources, etc.

Question 45. What is the key to a successful execution?

Answer: The key to a successful execution is alignment.

Question 46. What is the ray of hope with respect to the women entrepreneurs?

Answer: The ray of hope is that rate at which women entrepreneurs are growing is slowly increasing.

Short Answer Type Questions [2/3 Marks]

Question 1. What is Nandita’s advice to new entrepreneurs?

Answer: Nandita’s advice to new entrepreneurs is

• Don’t give up. Keep at it to succeed.
• Pay the creditors, suppliers and vendors on time. It builds credibility.
• Treat employees like family. If employees are happy, one’s business will be successful.

Question 2. What are Go-Getters excellent in?

Answer: Go-Getters show a great deal of initiative, coupled with a compelling sense of urgency to get things done. Go-Getters are typically good leaders and good managers, excelling at motivating themselves and those around them.

Question 3. In which environment the Go-getters work well?

Answer: They work well in ambitious and unfamiliar environments. They can invest in, buy or start a business that’s totally new to you and still make a success of it. They don’t need to be an expert in the field to start the business, they are good collaborators and can learn as they go.

Question 4. What are manager’s business strength?

Answer: The manager’s business strengths are:

• Doing things on their own.
• They excel at competitive selling because they enjoy overcoming rejection and achieving goals.
• They enjoy working by themselves.

Question 5.Give the characteristics of Motivators.

Answer: Motivators have following features: They—

• are great consensus builder and a good collaborator.
• are a driver of change.

Question 6. What are authoritarians’ business strength?

Answer: The authoritarians’ business strengths are:

• They often refer to themselves as—accidental entrepreneurs, because they may end up running a business that was never part of their original plan.
• They’re best served by going into a business that embraces their level of expertise or allows them to develop a new level of expertise.

Question 7.What are the main features of Collaborators?

Answer: The main features of collaborators are to:

• relish the people’s side of business.
• benefit from having a partner who is more aggressive about developing new business.
• follow prescribed rules and guidelines.
• are good at running customer service-oriented or retail businesses.

Question 8. Diplomats excel in which business and why?

Answer: The diplomats excel in retail or other people-oriented environments. Both outgoing and empathetic, they tend to be well-liked, but they sometimes have a hard time asserting themself and holding others accountable.

Question 9.What does diplomats need to successfully leading a company?

Answer: To lead a company successfully, diplomats need—

• to hire stronger, more result-oriented personalities,
• to be sure that deadlines are met,
• commitments be fulfilled and staff members follow them through doing duties.

Question 10. What is the role of intuition in generating ideas?

Answer: Intuition is a cognitive process by which subconsciously decisions are made on the basis of accumulated or cumulative knowledge and experiences. Intuition can be a powerful source of new ideas if you learn to use it. It provides an idea that is based on the idea of coming out and taking a viable form.

Question 11. What is the Feasibility Study?

Answer: According to Centre for Entrepreneurship at University of Rochester: “A feasibility study can be defined as a controlled process for identifying problems and opportunities, determining objectives, describing situations, defining successful outcomes, and assessing the range of costs and benefits associated with several alternatives for solving a problem.”

Question 12. What does Opportunity Assessment include?

Answer: Opportunity Assessment include in-depth review of business opportunity, market research, intellectual property analysis, opportunity development timing, legal liability issues, applications of the opportunity, barriers to entry, industry trends, growth potential, market positioning, competitive analysis, financial projections and pricing, resource requirement analysis and licensing, etc.

Question 13. Do all business units need to prepare a business plan and will the plan vary depending on the size of the unit?

Answer: Not necessarily that all business units require a business plan. But the plan size will vary from one unit to another depending on the nature of the enterprise. For example, for a new manufacturer of computer, would definitely need a comprehensive business plan, whilst for an entrepreneur who will be opening a small stationery shop would not need a detailed business plan.

Question 14. What does a Business plan must define?

Answer: The plan must define the objectives, strategies, customer scenario, market segments, products and services to be offered, sales forecast and steps required to attain the objectives.

Question 15. What does a Business plan must describe?

Answer: The plan should describe distribution systems, promotional activities and pricing decisions.

Short Answer Type Questions [4 Marks]

Question 1. What are the motivator’s business strength?

Answer: The motivator’s business strength is:

• Retail can be their game or any environment where people are a large part of the equation.
• They do well in any business that involves people, as long as it’s a somewhat non- confrontational environment.
• They can be convincing and avoid most confrontations by creating a strong emotional argument.
• They do well in the toughest of customer service roles, as they are able to see both sides of the argument.

Question 2.Describe the importance of evaluating ideas.

Answer: Idea evaluation is an important step in researching the venture’s feasibility because of the following reasons:

• Helps in deciding what is important: Idea evaluation forces the entrepreneur to decide what is important to the successful venture, which the entrepreneur is undertaking.
• Helps to identify strengths and weaknesses of the idea: By evaluating the strengths and weakness of each idea, the entrepreneur identifies and assesses the strong and weak points. By this one gets information which helps to make a better decision.
• Helps to make the best use of limited resources: It provides an idea about limited resources at disposal. Mostly entrepreneurs have limited resources in the form of money, time, people, etc. They can make sure that their choices make the best use of the available limited resources.
• Helps to minimize risks while maximizing return: Every entrepreneur like to have the least uncertainty or risk while getting the return from entrepreneurial decisions and actions. An entrepreneur puts in the effort to evaluate potential of the venture undertaken for maximizing the possible returns.

Question 3.What do you think is the reason for failure of business plan execution?

Why many plans fail?

Answer: Many plans fail because of the following reasons:

• Companies often fail to deliver as per their promises.
• Strategies are not executed well.

Question 4.What is the role of society and family in the growth of an entrepreneur?

Why do you think the role of family in an entrepreneur’s life is important?

• Family’s support is very essential as the entrepreneur needs to borrow initial finances from the family and friends.
• A prospective bridegroom can also become a deciding factor, promoting or inhibiting entrepreneurship.

Question 5. What challenges do the woman entrepreneurs need to overcome?

Answer: Woman entrepreneurs need to overcome the following challenges:

• Responsibility towards family, society and huge workload.
• Tough resistance from men.
• Women are considered as helpers.
• The attitude of society towards women.
• Constraints in which women have to live and work are not very conducive.

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Entrepreneurial Journey - CBSE Notes for Class 11 Entrepreneurship

January 08, 2023 by Sastry.CBSE

Entrepreneurial Journey – CBSE Notes for Class 11 Entrepreneurship

CBSE Notes CBSE Notes Entrepreneurship NCERT Solutions Entrepreneurship Facts That Matter

1. There are seven personality types of Entrepreneurs: Trailblazers, Go-getters, Managers, Motivators, Authoritarians: Collaborators and Diplomats . 2. Ways to generate ideas are : Environment scanning, creativity and creative problem solving-Brainstorming-Focus group-Doing Market Research. 3. Environment scanning means the screening of large amounts of information to detect emerging changes or trends. 4. Feasibility study studies the viability of the enterprise. 5. Types of feasibility study are Market Feasibility, Technical Feasibility, Financial Feasibility. 6. Organisational Feasibility defines the legal and corporate structure of the business. 7. Opportunity Assessment is a more in-depth review of business opportunity. 8. Business Plan is a written summary of various elements involved in starting a new enterprise. 9. Challenges faced by woman entrepreneurs are patriarchal society, lack of opportunities-enabling technologies for women, social barriers-attitude of creditors towards women, limited mobility. 10. The key to a successful execution is alignment.

Words That Matter

1. Warm Selling means that the collaborators bring the prospect to them, often through a letter or advertisement enticing the prospect to contact them for more information about their product or service. 2. Cold Selling is the one that involves picking up the phone and dialing for dollars, or hitting the streets looking for prospects door to door. 3. Creativity is the ability to combine ideas in a unique way or to make unusual associations between the ideas. 4. Attribute listing is a method in which entrepreneur develops a new idea by looking at the positive or negative features of a product or a service. 5. Free association is a process whereby, an entrepreneur develops a new idea through a chain of word associations, etc. 6. Environment Scanning the screening of large amounts of information to detect emerging changes or trends. 7. Brainstorming is way of generating idea in which a group of persons sit together and generate a number of business ideas by innovating alternative ways of meeting the needs and solving problems. 8. Intuition is a cognitive process by which subconsciously decisions are made on the basis of accumulated or cumulative knowledge and experiences. 9. Feasibility Study is a controlled process for identifying problems and opportunities, determining objectives, describing situations, defining successful outcomes, and assessing the range of costs and benefits associated with several alternatives for solving a problem.” 10. Market Feasibility: This involves a complete description of the industry, current situation of the market, anticipated future of the product, competition, sales projections, etc. 11. Technical Feasibility: This involves the issues like how to deliver a product or service, transportation, location of the enterprise, technological requirement, etc. 12. Financial Feasibility: It involves the issues like requirement of the start-up capital, seed capital, sources of capital, returns on investment, etc. 13. Organisational Feasibility: It involves the legal and corporate structure of the business, size of the venture, legal formalities and requirements, etc. 14. Opportunity Assessment is in-depth review of business opportunity, market research, intellectual property analysis, opportunity development timing, legal liability issues, applications of the opportunity, barriers to entry, industry trends, growth potential, market positioning, competitive analysis, financial projections and pricing, resource requirement analysis and licensing, etc. 15. Business Plan is a written summary of various elements involved in starting a new enterprise like arrangement of resources, mobilizing resources, etc. 16. Focus Groups is a way of generating idea in which the groups of individuals provide information about proposed commodity (good or service) in a structured setting. Group provide an excellent way to generate new ideas and to screen proposed ideas and concepts.

Entrepreneurial Skills Class 11 Notes

Teachers and Examiners ( CBSESkillEduction ) collaborated to create the Entrepreneurial Skills Class 11 Notes . All the important Information are taken from the NCERT Textbook Employability Skills as per the board pattern.

Entrepreneurship starts with thinking and acting on a business idea. However, before jumping to an idea, it is important to develop certain entrepreneurial skills and com potencies in the process. One of the most important skills required to become a successful entrepreneur are problem solving and creativity.

In sociology, values are defined as standards and guidelines that influence a person’s behavior and attitude.

Values are basically the beliefs about what matters the most, how to behave and which goals are important to achieve.

According to Schwartz, some elements of values include:

• Values are based on concepts or beliefs. • Values guide the selection and evaluation of specific behaviors and events. • Values are set in an order of relative importance. • Values differ based on motivational objectives. • Values are not confined to specific situations or behaviors

There are three types of values: • Personal • Professional • Social

Action Factor – The two main categories of action variables are personality and environment factors because they have a significant impact on both the actions that people take and what matters to them.

Personality factors – The elements that are internal and essential to your personality are known as personality factors. As personality determines how one would naturally behave, they will guide your values. For instance, if you’re an extrovert, you could priorities forming relationships with people.

Environment factors – are those elements that come from outside of you and are part of your surroundings. These aspects of our external environment—things we notice, hear, see, and interact with—influence how we think about what is important. For instance, if you frequently witness pain, you could place a high importance on being nice and helpful.

Entrepreneurial Values

An entrepreneur needs to balance between personal, professional and social values.

Personal values – Personal values for an entrepreneur include passion, honesty, integrity, determination, confidence, wisdom, cooperation, decisiveness, humility etc. 

Professional values – Professional values correspond how an entrepreneur conducts himself or herself in the professional business and workplace environment. Ethics in the business world are also the domain of professional values.

Social values – Social values are values that make entrepreneurs look beyond the core business and have a bigger purpose. These values are what drive entrepreneurs to make the business socially acceptable. 

Some entrepreneurial values are as follows:

Independence – Entrepreneurs need to be independent in order to enjoy the feeling of satisfaction. Entrepreneurs that have a strong sense of independence are better equipped to build missions that will move them closer to their objectives.

Respect for work – If an entrepreneur does not respect and value their labour, they cannot succeed. To survive and expand their business, entrepreneurs must work hard and continuously experimenting with new ideas.

Respect for others – An essential value for business owners is respect for one another and for one’s staff. Value for their labour, time, and effort is also included here. It enables the business owner to respect others’ efforts, connect with suppliers, staff, and the community, forge enduring and positive relationships, and boost their self-esteem.

Trust – Trust is a important element for an entrepreneur in many aspects of life, but is frequently ignored in a professional situation. A successful entrepreneur must have confidence in their own vision or aim, as well as in their ability to build trusting relationships with their team members, clients, and suppliers.

Honesty – Being ethical and honest is essential for an entrepreneur. Financing a business, managing the company’s assets, making risky judgments, and making difficult decisions all require honesty.

Vision – Vision clarifies the opportunity and establishes the organization’s goals as it leads the entrepreneur through the business planning process. 

Outstanding performance – Entrepreneurs are constantly prepared to meet and overcome obstacles. They hold themselves to high standards of quality and performance, and they have the confidence to overcome unforeseen challenges.

Initiative and ownership – By taking the initiative and feeling ownership, entrepreneurs experience immense happiness. They commit to carrying out duties and show initiative in a variety of ways.

Creativity and innovation – Entrepreneurs place a high importance on creativity since they are continuously required to come up with fresh ideas or apply their imagination. Similar to this, they enjoy introducing minor, incremental improvements in a variety of business-related areas.

Attitude is defined as a set of beliefs, emotions and behaviours towards a particular place, object, person, situation, event, ideas or thing.

Entrepreneurial Attitudes

Entrepreneurs frequently display particular views. Similar to this, certain personality traits related to one’s attitude are necessary to have the proper frame of mind for succeeding as an entrepreneur. Here are a few examples:

Use imagination – In business, using imagination and creativity gives entrepreneurs a framework for thinking creatively, considering alternatives, attempting unorthodox methods of doing things, and continuously improvising and iterating.

Take moderate risks – Moderate risk takers are those entrepreneurs who are often characterized as willing to assume a moderate amount of risk in business, being neither overly conservative nor likely to gamble.

Look for economic opportunities – Entrepreneurs may experience discomfort in a variety of circumstances when making necessary changes to their teams, technologies, products, missions, etc. An entrepreneur needs to push outside their comfort zone and concentrate on pursuing and experimenting with various business prospects. They have to keep doing it.

Enjoy freedom of decision making and action – A specific activity will not be taken if an entrepreneur does not elect to take it. Entrepreneurs must make a decision and follow through on it. This is the rational course of action for them.

Analyze situations and plan actions – Understanding obstacles in the context of a scenario and planning appropriate action actions are all aspects of having an entrepreneurial attitude.

Be able to deal with fear – Fear is a part of life for everyone. You can overcome fear by being aware of this truth. Many difficult business responsibilities, such as paying back a loan, introducing a new product, firing staff, etc., can put strain on and frighten an entrepreneur.

Accept feedback and criticism positively – Entrepreneurs can benefit much from constructive criticism. Customers, business partners, consultants, etc. may frequently criticize an idea or a particular behavior.

Get involved in all activities – An entrepreneur cannot afford to procrastinate or be laid back. While planning helps, it is important for an entrepreneur to make timely decisions.

Have clarity of purpose – An entrepreneur will always have the confidence to carry out their plan when they have clarity of purpose. An entrepreneur cannot motivate their team, potential customers, or even vendors without a clear sense of purpose.

Believe the change you want to bring – An entrepreneurial mentality includes a strong sense of self-belief and faith. This is due to the possibility of an entrepreneur becoming weighed down by many issues. It is essential to have faith in oneself, one’s goals, one’s organization, and one’s team.

Be passionate – Entrepreneurial success depends on enthusiasm because without a strong sense of commitment to the venture, it is difficult to deal with difficult circumstances or overcome obstacles.

Be flexible – The entrepreneurial journey includes unexpected difficulties, challenges, and obstacles. An entrepreneur needs to keep a positive outlook and be adaptable to adversity and uncertainty.

Do not be egoistic – It’s essential to keep one’s ego in check when managing staff, forming alliances, and listening to advise. While it is not always required to win favors with others, it is nonetheless important to be receptive to fresh opinions, especially when they don’t seem to make sense at first.

Strong work ethic – An entrepreneur’s work is guided by their work ethic, which is a set of moral standards. A strong work ethic enables one to regularly produce work of a high caliber, and the results inspire one to continue in the right direction.

Employability Skills Class 11 Notes

• Communication Skills Class 11 Notes
• Self-Management Skills Class 11 Notes
• ICT Skills Class 11 Notes
• Green Skills Class 11 Notes

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Entrepreneurial Journey – CBSE Notes for Class 11 Entrepreneurship

CBSE Notes CBSE Notes Entrepreneurship NCERT Solutions Entrepreneurship Facts That Matter

1. There are seven personality types of Entrepreneurs: Trailblazers, Go-getters, Managers, Motivators, Authoritarians: Collaborators and Diplomats . 2. Ways to generate ideas are : Environment scanning, creativity and creative problem solving-Brainstorming-Focus group-Doing Market Research. 3. Environment scanning means the screening of large amounts of information to detect emerging changes or trends. 4. Feasibility study studies the viability of the enterprise. 5. Types of feasibility study are Market Feasibility, Technical Feasibility, Financial Feasibility. 6. Organisational Feasibility defines the legal and corporate structure of the business. 7. Opportunity Assessment is a more in-depth review of business opportunity. 8. Business Plan is a written summary of various elements involved in starting a new enterprise. 9. Challenges faced by woman entrepreneurs are patriarchal society, lack of opportunities-enabling technologies for women, social barriers-attitude of creditors towards women, limited mobility. 10. The key to a successful execution is alignment.

Words That Matter

1. Warm Selling means that the collaborators bring the prospect to them, often through a letter or advertisement enticing the prospect to contact them for more information about their product or service. 2. Cold Selling is the one that involves picking up the phone and dialing for dollars, or hitting the streets looking for prospects door to door. 3. Creativity is the ability to combine ideas in a unique way or to make unusual associations between the ideas. 4. Attribute listing is a method in which entrepreneur develops a new idea by looking at the positive or negative features of a product or a service. 5. Free association is a process whereby, an entrepreneur develops a new idea through a chain of word associations, etc. 6. Environment Scanning the screening of large amounts of information to detect emerging changes or trends. 7. Brainstorming is way of generating idea in which a group of persons sit together and generate a number of business ideas by innovating alternative ways of meeting the needs and solving problems. 8. Intuition is a cognitive process by which subconsciously decisions are made on the basis of accumulated or cumulative knowledge and experiences. 9. Feasibility Study is a controlled process for identifying problems and opportunities, determining objectives, describing situations, defining successful outcomes, and assessing the range of costs and benefits associated with several alternatives for solving a problem.” 10. Market Feasibility: This involves a complete description of the industry, current situation of the market, anticipated future of the product, competition, sales projections, etc. 11. Technical Feasibility: This involves the issues like how to deliver a product or service, transportation, location of the enterprise, technological requirement, etc. 12. Financial Feasibility: It involves the issues like requirement of the start-up capital, seed capital, sources of capital, returns on investment, etc. 13. Organisational Feasibility: It involves the legal and corporate structure of the business, size of the venture, legal formalities and requirements, etc. 14. Opportunity Assessment is in-depth review of business opportunity, market research, intellectual property analysis, opportunity development timing, legal liability issues, applications of the opportunity, barriers to entry, industry trends, growth potential, market positioning, competitive analysis, financial projections and pricing, resource requirement analysis and licensing, etc. 15. Business Plan is a written summary of various elements involved in starting a new enterprise like arrangement of resources, mobilizing resources, etc. 16. Focus Groups is a way of generating idea in which the groups of individuals provide information about proposed commodity (good or service) in a structured setting. Group provide an excellent way to generate new ideas and to screen proposed ideas and concepts.

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