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.
Entrepreneurial Skills Class 11 Notes
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.
Entrepreneurial Skills Class 11 Notes
Values
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 Skills Class 11 Notes
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.
Entrepreneurial Skills Class 11 Notes
Attitude
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.
Entrepreneurial Skills Class 11 Notes
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.
Entrepreneurial Skills Class 11 Notes
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.