Latest Class 12 Entrepreneurship Skills Notes for CBSE Boards with key points & summaries. Ideal for quick revision & high scores. Covers all concepts.
Entrepreneurship & Entrepreneur
- Entrepreneur = person who identifies opportunity, organises resources and labours, takes risk and make decisions, and build profit.
- The word ‘entrepreneur’ is derived from the French word entreprendre, which means ‘to undertake’.
- Entrepreneurship = process of generating, developing, and implementing ideas under uncertainty.
Characteristics:
- Activity done to create and maintain a profit-oriented organisation.
- Identifying an opportunity to sell and make profit in the market.
- Optimisation in utilisation of resources.
- Ability to take risks
Qualities of Successful Entrepreneur:
- Initiative, Risk-taking, Learn from experience
- Motivation, Self-confidence, Hard work
- Decision-making
Types of Entrepreneurs:
- Service entrepreneurs – create new services/markets.
- Business entrepreneurs – trading/business (not manufacturing).
- Industrial entrepreneurs – manufacturing & production.
- Agricultural entrepreneurs – innovative farming methods.
- Technical entrepreneurs – use technical expertise for innovation.
- Non-technical entrepreneurs – focus on services before/after production.
- Professional entrepreneurs – build → sustain → sell → restart cycle.
- IT entrepreneurs – work in Information Technology field.
- Women entrepreneurs – entrepreneurial activities by women.
- Social entrepreneurs – solutions for society, culture, environment.
- Family business entrepreneurs – inherit & run family businesses.
- First-generation entrepreneurs – no prior business background
Roles & Functions:
- Identify opportunities, Turn ideas into action
- Setting up enterprise Managing enterprise
- Resourcing, Growth & development
Class 12 Entrepreneurship Skills Notes
Motivation of Entrepreneurs
- Standard of excellence – Setting and Striving high benchmark & innovation.
- Uniqueness – Standing unique in approach & results.
- Long-term goals – Focusing more on what is to be achieved in distant future.
- Need to influence – Making impact on society/world.
Difference between Entrepreneur and Wage Employed person
- Wage employed – works for others, gets salary, follow instructions of employer, bear no business risk
- Entrepreneur – self-employed, takes risks, and innovates to generate profit and social values
Startups
- Company in its early stage of operations.
- Usually financed by founders
Barriers to Entrepreneurship
- Barriers refers to hurdles that slow or stop entrepreneurial growth and success.
Types of Barriers:
| Barrier Type | Examples | Solutions |
| Environmental | Lack of resources, skilled labour, machinery, money | Market research, mentor guidance, govt. schemes (Mudra Yojana, CGTMSE, Stand-Up India) |
| Faulty Business Plan | Goal without plan leads to chaos, inefficiency | Prepare clear action/business plan |
| Personal | Fear of failure, untrained team | Team-building, training, mentorship |
| Self-Doubt | Lack of confidence, motivation | Focus on goals, family/friends support, self-belief |
| Teamwork Issues | Untrained team, conflicts | Training and guidance, build culture, resolve conflicts |
Entrepreneurial Attitudes
Attitude that makes a successful entrepreneur are given below-
Entrepreneurial Competencies – Quick Revision Sheet
Competency: Ability to do something well; builds entrepreneurial attitude.
Key Attitudes & Competencies:
- Decisiveness – Quick & profitable decisions
- Know Yourself: Problems, strengths, what matters.
- Identify Opportunities: Right time & place, whom to help, ideas.
- Analyse: Feasibility, risks, customer views, competition.
- Problem Solving: Refine idea, make it unique, leverage strengths.
- Initiative – Act before others
- Believe in ability.
- Realise control.
- Take action.
- Interpersonal Skills – Work well with people
- Listening: Active listening builds trust.
- Body Language: Positive expressions & gestures.
- Positive Attitude: Stay optimistic.
- Stress Management: Stay calm & healthy.
- Perseverance – Keep going despite difficulties
- Never give up.
- Work hard.
- Learn from failures.
- Organisational Skills – Efficient use of resources
- Time Management: Plan, prioritise, set deadlines.
- Goal Setting: Provides direction & motivation.
- Efficiency: Do tasks well, no wastage.
- Managing Quality: Maintain high standards.