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Class notes Business Business Studies- (Poonam Gandhi)-2021-22 Class 11 CBSE, ISBN: 9789389975208
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This is the notes of small business and enterprises It can help Commerce students of class 11 and 12
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Small business andenterprises
, Entrepreneurship Development (Ed): concept, characteristics and need
The concept of entrepreneurship
Entrepreneur (person)
Entrepreneurship (process)
Enterprise (outcome)
Why to Seek an Enterprise?
Entrepreneur seeks an enterprise because it results in creating goods and services which bring happiness,
joy, comfort and peace. In order to bring this, the entrepreneur looks for opportunities for converting
challenges into comfort.
Need and importance of entrepreneurship
Entrepreneurship is important for national growth and social development. The most common problem
developing countries are facing is conserve the outflow of limited national wealth and fulfilling the demand
for consumer goods and services by locally producing them. They are also facing the problem of foreign
exchange.
In short, we can say that the present conditions demand developing countries to:
(i) Produce import substitute goods to stop outflow of national wealth.
(ii) Produce more and more consumers goods and services to meet the increasing demand of these goods.
locally.
(iii) Produce goods for export purpose to earn more and more foreign exchange.
, Need for entrepreneurship can be made more clear from the following points:
(i) Life line of Nation: Entrepreneurship is a yardstick to measure the development of any country as no
country can prosper and grow without development of entrepreneurship. U.S., U.K., are
the well developed countries and well-developed enterprises. So, every nation tries to increase its trade by
having more enterprises.
(ii) Provide Innovation: Entrepreneur is an innovator who tries new methods of production, new technology,
new ways of marketing, etc. He develops new business ideas and puts them into
action to enhance the process of economic development.
(iii) Growth of Economy: The Entrepreneurship adapt to changes as changes take place in the environment.
The changes adopted by entrepreneurs in enterprises even bring changes in the
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society and economy. Latest technology used by enterprises not only brings growth in the enterprises
but it also brings growth of economy at large.
(iv) Increased profits: An entrepreneur always tries to minimise cost. He always tries to get optimum
utilisation of resources. The reduction of cost and increase in efficiency always result
in increase in profit.
(v) Employment opportunities: Entrepreneurship not only provides the scope of self-employment but also
offers employment to large number of people as in the case of successful
Enterprises. Growth in entrepreneurial activities leads to more and more employment.
(vi) Social benefits: By setting up enterprises in backward areas, they try to bring balance regional growth.
By making optimum utilisation of resources, they save scare resources of society.
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