Entrepreneurship- What, why and how? ( PART 1)

Entrepreneurship- What, Why and How

Dear students,
Congratulations on taking up entrepreneurship as a subject of study at the senior secondary level. No doubt it is a new subject and anything that is new appears to be mysterious. I guess many of you have already got hold of the CBSE text book ( ideally you should) and some of you haven't been able to arrange one due to the short of supply of the text book in the market probably. Irrespective of the fact whether you possess the book or not ,it's quite normal for you all to get a little confused about how to go on with the chapter, what to study? How to study? What to lay emphasis on?What's the pattern of questions and how are you expected to frame the answers. I do understand this can be a little difficult initially.

Well keeping all this in mind I shall be pointing out portions from the first chapter of your text book which needs special care. Since the chapter is big and it will not be feasible to put in everything in one blog, I will rather break up the first chapter into 4 different  parts and 4 different blogs hoping  that at the end of each blog you will be able to understand the essence of the portions discussed, confident enough to tackel the questions,and excited to know what lies next. So let's begin with the chapter.

Unit 1. ENTREPRENEURSHIP- WHAT,WHY AND HOW.
Expected Learning Outcome from the overall chapter-  After going through the chapter you should be in a position
A.To understand the concept of entrepreneurship.
B. Should be able to explain the functions of entrepreneurship.
C. Should appreciate the need for entrepreneurship for a country.
D. Should be able to assess the advantages and limitations of entrepreneurship.
E. Should become aware of the myths of entrepreneurship.
F. Should be able to describe the process of entrepreneurship.

So let's begin - PART 1
TOPICS COVERED:
1. Meaning of Entrepreneur.
2. Characteristics of Entrepreneur.
3. Meaning of Entrepreneurship and Enterprise.
4. Co- relation between Entrepreneur, Entrepreneurship and Enterprise.

Let's discuss in detail now
Concept building.

Whom would you call an entrepreneur?

Well, the word Entrepreneur is derived from the French word 'Entreprendre' which means to undertake thus in simple words Entrepreneur is anyone who undertakes the risk of a new enterprise.An entrepreneur is someone who is responsible for setting up a business or an enterprise.

An entrepreneur is someone who is
A. Highly creative and innovative person.
B. Is a keen observer andlooks around for opportunities.
C. Is a catalytic agent of change and works for the good of people.
D. Takes calculated risks and hence is not a gambler.
E. He is independent, freedom lover and wants to be his own boss.
F. Is adventurous and gets bored with routine activities.
G. He is the one who is very persistent, patient, determined, possesses a never say die attitude.
H. He is a leader, a motivator and has the ability and courage of taking personal responsibility.
I . Has vision and is oriented towards the future and builds up his own enterprise with all the hard work.

( Students please do remember that you may be asked to elaborate these features. Keep yourself updated and try to keep some practical examples handy)

One major difference between us ,the common man and the entrepreneur is that normally we see a problem as a problem and try means to avoid that , whereas an entrepreneur would see a problem as an opportunity . He would constantly look for change and respond to it.

Students, you all have read about the factors of production in your junior classes, namely land,labour,capital and enterprise. Well this enterprise part focusses on the entrepreneurs.

Sometimes ,I find students getting confused between two terms Businessman and Entrepreneur.I am attaching a table of difference between the two so as to help you in understanding these two terms better.

Once you have understood the meaning of an entrepreneur you should turn your attention to the relationship between Entrepreneur, Entrepreneurship and Enterprise. These three are closely knit and interpendent. While Entrepreneur is the person ( subject),the set of activities performed by him is Entrepreneurship (verb) and the outcome of Entrepreneurship is Enterprise (object).

(You can expect questions from this part also like 1)Discuss the relationship between Entrepreneur, Entrepreneurship and Enterprise or 2)Explain the co-relation between Entrepreneur and Entrepreneurship or even 3) "Entrepreneur, Entrepreneurship and Enterprise all the same". Do you agree, justify.

Common questions from part 1
1. State the origin of the word Entrepreneur
2. Who is an entrepreneur?
3. What is an enterprise?
4. Differentiate between Entrepreneur and Entrepreneurship.
5. Why are entrepreneurs considered as catalytic agents?
6. Why do you think entrepreneurs should be creative and innovative?

Apart from direct questions there can be application based questions as well which I shall be taking up in future blogs.

Hope this blog helped you in some way. In case it did do like and share and spread the word. Leave back your feedback in the comments section. I would love to know what you feel about the subject and the blog.

With love PDG Ma'am.