Entrepreneurial Skills - 1

Analytical = Oil refinery separating crude oil into petrol, diesel, etc. Synthetical = Mixing concrete, gypsum, and coal to produce cement Processing = Cotton undergoing spinning, weaving, bleaching, etc. Assembling = Manufacturing of televisions and washing machines

Limited liability = Corporate Mutual self-help = Cooperative society Distinct identity = Both Corporate and Cooperative society Management by elected representatives = Joint stock company

Purposeful activity = Goal-oriented with a clear aim, whether profit or social impact Creative activity = Focuses on introducing novelty or improvements to existing products or services Risk bearing activity = Involves the possibility of failure and ridicule, but also potential for great success Gap filling = Identifies and addresses unmet needs and demands in the market

<p>Entrepreneurship = The process of creating and designing new ideas and businesses based on market needs and passion Entrepreneurship development = Enhancing the skills and knowledge of entrepreneurs through training programs and initiatives Entrepreneurial behaviour = The study of the actions and decisions taken by entrepreneurs in their ventures Business set-up, development, and expansion = The processes involved in establishing, growing, and scaling a business enterprise</p> Signup and view all the answers

<p>Visionary = Identifies opportunities, develops innovative products or services, and sets strategic direction Leader = Motivates, inspires, and guides the team towards achieving goals Risk-taker = Assumes responsibility for potential losses and uncertainties in pursuit of growth Decision-maker = Makes critical choices about resource allocation, strategies, and operational decisions</p> Signup and view all the answers

<p>Independence = The freedom to make decisions and control one's own destiny Ambition fulfillment = The chance to realize dreams and bring innovative ideas to life Excitement = The adventure and thrill of building something new and challenging oneself Freedom = The flexibility to explore different ideas and pursue opportunities without rigid structures</p> Signup and view all the answers

<p>Joint stock company = Google, Apple Cooperative society = Amul, The New York Times Entrepreneurial idea = A new mobile app for online grocery delivery Entrepreneurial venture = A start-up that creates custom-designed clothing based on customer preferences</p> Signup and view all the answers

<p>Dynamic process = Changing consumer preferences leading to new product development Initiative thinking = An entrepreneur launching a social enterprise to address a social issue Multi-dimensional = An entrepreneur considering economic, social, and environmental impact in business decisions Risk bearing activity = An entrepreneur investing their savings in a new business with the chance of success or failure</p> Signup and view all the answers

<p>Visionary = Has a clear and inspiring picture of the future and the direction of their venture Adaptable = Can adjust strategies and methods to respond effectively to changing market conditions Persistent = Unyielding in their pursuit of goals, overcoming challenges and setbacks Passionate = Driven by a strong belief in their idea and a sense of purpose</p> Signup and view all the answers

Economic activities involving production or distribution of goods/services to earn profits.

Transforming raw materials and semi-finished products into finished products.

Provide intangible products, no physical form, like education or repairs.

Combines both manufacturing and service activities.

A business owned by one person, who bears all risks and rewards.

A business owned by two or more people who share profits and responsibilities.

A business owned and controlled by a joint Hindu family, led by the senior male member.

Includes Analytical, Synthetical, Processing, and Assembling to create products.

The business entity is separate from its owners, limiting their liability.

An incorporated group managed by a board of directors, independent of members' lives.

A society formed to provide services to its members, based on mutual help.

A creator who designs businesses based on market needs and personal passion.

The process of enhancing entrepreneurs' skills and knowledge through training.

Goal-oriented, creative, risk-bearing, and dynamic activities that meet society's needs.

Responsibilities include taking initiatives, organizing resources, and creating opportunities.

Benefits include independence, ambition fulfillment, excitement, and freedom to innovate.