Entrepreneurship Notes

Definition of an Entrepreneur:

● Entrepreneur: A self-employed individual undertaking calculated risks to

introduce new business ideas.
● Economic Activity: Regular production and distribution of goods/services to
meet human wants.
● Innovation: Entrepreneurship involves identifying gaps and introducing new
methods and ideas to the business.

Importance of Entrepreneurship:

● Societal Impact: Sowmya's story exemplifies addressing needs and fostering

an entrepreneurial spirit.
● Economic Development: Rahul's dog care, Monica's babysitting, and Sowmya's
snack business as examples.
● Social Development: Gulab's initiative supporting women in her village
demonstrates a social impact.

Qualities of a Successful Entrepreneur:

● Grit and Perseverance: Illustrated by Sowmya's journey and challenges faced

by Sushma.
● Patience and Optimism: Sushma's persistence and willingness to take
calculated risks.
● Creativity and Innovation: Sushma adapting toy designs based on feedback
shows entrepreneurial creativity.
● Openness to Trial and Error: Anil, Rakesh, and Radhika's diverse businesses
exhibit the flexibility to try different approaches.

Entrepreneurial Activities:

● Team-based Opportunity Identification: Students forming teams,

brainstorming business ideas collaboratively.
● Learning from Local Businesses: Visiting and noting qualities contributing to
success in neighbourhood businesses.
 ● Understanding Business Types: Product-based (e.g., Dosawala's 'Dosa Plaza'),
service-based (e.g., Harish's Dabbawala service), and hybrid businesses (e.g.,
Sana's earrings).

Entrepreneurship Development Process:

● Prem Ganapathy's Success Story: Struggled initially but achieved success

with innovative dosas.
● Business Idea Formation: Based on personal interests or identified market
needs.
● Resource Gathering: Acquiring the necessary funds and materials for a
small-scale start.
● Understanding Customer Needs: Essential step before starting a business to
tailor offerings.

Types of Businesses:

​ Product-Based Businesses:
● Involve the production and sale of physical products.
● Require funds for setup and may involve employing staff.
● Example: Dosawala's 'Dosa Plaza.'
​ Service-Based Businesses:
● Provide intangible services instead of physical products.
● Examples: Harish's Dabbawala service, Pragya's delivery service.
​ Hybrid Businesses:
● Combine elements of both product and service offerings.
● Example: Sana's daily creation of beautiful earrings.

Conclusion:

● Entrepreneurship's Role: Essential for the growth and development of a

country.
● Diversity of Opportunities: Opportunities lie in everyday problems and unmet
needs.
● Continuous Learning: Understanding and adapting to customer needs is
crucial for sustained success.
● Three Business Types: Product-based, service-based, and hybrid provide a
framework for diverse entrepreneurial ventures.