Entrepreneurial Skills Class 9 Notes

Teachers and Examiners collaborated to create the Entrepreneurial Skills Class 9 Notes. All the important Information are taken from the CBSE Textbook Employability Skills Class IX Based on CBSE Pattern.

Entrepreneurial Skills Class 9 Notes

Session 1: What is Entrepreneurship

Who is entrepreneur?

An entrepreneur is a person who is self-employed, is willing to take a calculated risk and brings in a new idea to start a business. All self-employed persons are not called an entrepreneur, for example, a shopkeeper cannot be called an entrepreneur unless he/she implements an innovative method or concept into their business.

What is entrepreneurship?

The process of developing a business plan, launching and running a business using innovation to meet customer needs and to make a profit is entrepreneurship.

What is Enterprise?

An enterprise is a project or undertaking that is bold and fulfills a need of the society which no one has ever addressed. This business is started and run by an entrepreneur.

Session 2: Role of entrepreneurship

Role of entrepreneurship

• Economic Development (Money in Circulation) – As entrepreneurs grow their businesses, invest the money into the businesses, and expect good returns.
• Social Development (Creation of Jobs) – If the business grows, then more work will be there, which creates more jobs.
• Improved Standard of Living (More things available to live a comfortable life) – When entrepreneurs sell products like a mobile phone or a mobile service, it will help people have a comfortable life.
• Optimal Use of Resources – Entrepreneurs find the most optimal ways of using the resources to reduce costs and increase the profits.

Session 3: Qualities of a successful entrepreneur

Qualities of a successful entrepreneur are:

• Patience – Success may not be achieved quickly, so it is important that an entrepreneur be patient in running their business.
• Positivity – An entrepreneur has to think positively even when he/she takes a big risk.
• Hardworking, Never Giving Up and Perseverance – An entrepreneur never gives up; they need to work hard and try to make the business successful.
• Confidence – An entrepreneur needs to be very confident and take decisions about their business.
• Open to Trial and Error – Entrepreneurs have to use trial and error with different innovative ideas to make the business successful.
• Creativity and Innovation – An entrepreneur should be able to identify the problem and come up with original and creative solutions.

Session 4: Distinguishing characteristics of Entrepreneurship and wage employment

Characteristics of Entrepreneurship

Some of the distinguishing characteristics of entrepreneurship:

• Ability to take up risks
• Believe in hard work and discipline
• Adaptable and flexible to achieve the goals of enhancing quality and customer satisfaction
• Knowledge of the product and services and their need or demand in the market
• Money management skills and financial literacy
• Effective planning and execution.

What is wage Employment?

Wage employment is a paid job where an employee agrees to work for an employer. There are two parties in the wage employment; one is known as the employer, and the other is known as the employee. The employee (wage employment) does not involve too much risk, but the employer (entrepreneurship) involves taking a certain number of calculated risks in the business.

Benefits of entrepreneurship

 The various benefits include the following:

• Do what you are interested in: Using your interests and abilities, entrepreneurship allows you to start doing something you like using your skills and hobbies. 
• Work for yourself, and not for others: You can work for yourself as an entrepreneur, not for someone else. You can decide the work you like to do or not.
• Make profits for yourself: As an entrepreneur, it depends on the entrepreneur how much money you want to earn and how you want to earn it.
• More risk, more profit: Depending on the risks involved, entrepreneurship gives you the freedom to choose how much risk you are willing to take. 

Session 5: Types of Business Activities

Types of business activities

There are three types of business activities:

• Product business – Product-based businesses are those in which a customer and seller trade tangible goods. For example, a sports store.
• Service business – a company where the seller helps a customer in completing tasks. For example, a cricket coaching center.
• Hybrid business – A hybrid business is one that offers both services and products for sale. For example, rahul opened a sports academy for coaching and selling sports equipment.

Session 6: Product, Service and Hybrid business

The key differences between product and service are:

Types of product-based business:

There are two types of product-based businesses:

• Manufacturing businesses – These are the businesses that make a product and sell it.
• Trade businesses – These businesses buy and sell a product. They also transport the product from the factory to warehouses and then finally to shops near the customers.

Session 7: Entrepreneurship Development Process

The process of enhancing entrepreneurs’ abilities and expertise is known as entrepreneurship development.

Steps of starting a business

Employability Skills Class 9 Notes

• Communication Skills Class 9 Notes
• Self Management Skills Class 9 Notes
• Basic ICT Skills Class 9 Notes
• Green Skills Class 9 Notes

Disclaimer: We have taken an effort to provide you with the accurate handout of “Entrepreneurial Skills Class 9 Notes“. If you feel that there is any error or mistake, please contact me at anuraganand2017@gmail.com. The above CBSE study material present on our websites is for education purpose, not our copyrights. All the above content and Screenshot are taken from Employability Skills Class 9 CBSE Textbook and Support Material which is present in CBSEACADEMIC website, This Textbook and Support Material are legally copyright by Central Board of Secondary Education. We are only providing a medium and helping the students to improve the performances in the examination. 

For more information, refer to the official CBSE textbooks available at cbseacademic.nic.in