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rvice E As, , vice, Se business Is a type of venture that provides intangible products (products with no, Hm) called services. These type of businesses offer services like professional skills,, advice, etc. Banks, accounting firms, schools, law firms, repair shops and salons are, of service type businesses. Hotels, restaurants, multi-speciaity hospitals and chrwcs,, Services, Publishing and animation firms, movie-making organizations and counseling, : other businesses that come under this category, , Pree., A, , rag, , s, ae companies that may be classified in more than one type of business. A, Sxample, combines ingredients in making a fine meal (manutacturing), sells a, (merchandising) and attends to the customer orders (service). In effect, any, 10f two or more modes to accomplish the same end, can be cate:, . For example, Reliance Fresh is a chain of grocery stores that also sell, , called a hybrid firm., Organizations, , OF Company that sells goods and services to its customers or, Hor other goods Or services or in exchange of money. Every business, owned by individuals, group of individuals or some organization, businesses can be divided into following types, , n-%, rype of privat heid small business entity. This type of, Pababehy to their shares, limits the number of shareholders from 2, , publicly trading their shares, , A-G, , pusiness organization that operates as a separate legal, , 4 Owned by shareholders. Shares of a public limted, chexchange market freely. Shareholders of a public limited, , Only to their shares. These companies are headed by a, D12mMembers., , , , , , entity where a single individual handles the entre, ent of all the profits and the bearer of all the losses, , Bees ot otrereneavag

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np business is owned b, , y two or more people who contribute resources int, p< entity. The partners divide the profits of the business among themsetvea\”, Liability Partnerships, all partners have unlimited liability. However, in Limite, sh, , 'S» Partners h,, , Lik, ave limited liabilities. Creditors cannot go after the Personal assets th, Partners to settle the debt., , 9 Sete;, , Family Business, ily is a form of busin:, the business, Itisg, , , , ess organization wherein the members of a fami|, , 'y Can Only, overned by Hindu Law,, , , , , , , , , , , , , , , , , a form of voluntary organization, wherein the members work together for the, interests of its members. There is no restriction to the entry or exit of any, overned bythe Cooperative Societies Act. Amul Indiais a cooperative example,, , ype of businesses or companies are Franchise, Liaison Office, Branch, , Office, Subsidiary Companies (partially or wholly owned by foreign, , Development?, , ‘a person who creates and Tuns a business in the hope of gettinga, , itis the process of improving the knowledge and skills of the, ‘say th Entrepreneurship development is the process of, , develop, manage and Organize a business venture, while, oe, , eurship that distinguish it from other types of, , trepreneurship is an economic activity because it involves, for wealth creation. It is also regarded as a dynamic, Continuously in the Midst of an uncertain business, , , , , , , , reneurship involves a Sontinuous search for new ideas and, Most effici RE. Gf.the Available resources and

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p-!, & Profit potential: Profit potential is the abil ity of an.entrepreneurial venture to generate profits. If, > an rial venture cannot generate viable profits it will not be called a business venture. It, ) be classified as a leisure activity., : An entrepreneur has to have patience to see his efforts bear fruit. In the intervening ¢ ‘, ‘pe time gap between the conception and implementation of an idea and its results), an j, ly : entrepreneur has to assume risk. If an entrepreneur does not have the willingness to assume risk,, ° entrepreneurship would never succeed., , Entrepreneurship, , , , , , irship is crucial for a nation and its economy. Entrepreneurial ventures can change the ey, live and work. If successful, their innovations may improve our standard of living, and in a, to creating wealth, they will also create jobs and improve the conditions to make a ’ <, , irship creates new businesses based on innovative ideas. New goods and services, ‘by entrepreneurial ventures stimulate growth in the related businesses, pushing up the, ofaneconomy., ship adds to the National Income. Entrepreneurial ventures generate new wealth,, proved products, services or technology from entrepreneurs enable new markets to, dand new wealth to be created. These adds to the national income., ps bring about Social Change. Innovative ventures set up by entrepreneurs, tradition and indirectly support freedom by reducing the dependence on, d technologies. This results in an improved quality of life, improved morale, freedom., , , , , Development: Entrepreneurs regularly nurture ventures by, They also invest in community projects and provide financial, , entrepreneur is the personal satisfaction that comes from having, 5 decisions and then act on them. Here are a few ways that an, , u own a business, you get to be your own boss. You can make, . The freedomit gives is immensely satisfying., , schedule: It gives you the freedom to do things at your, actory to you., for others: By setting up a business you not only give, 9 encourage others to set up similar ventures, leading to the, tunities, uccessful venture may provide an entrepreneur with enough, teanew business., , , , Basics of Entrepreneurship

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a petaeag Or, é neu ,, , A. Short Answer Questions,, , 1. Whatis entrepreneurship? 6 , —s Whois alledan entreprene,:> «0, , 3. Whatismeant bya Partnership business? 6 2=, Whatis meant by liability in Context of a business?, any three types Of businesses, 6O16\, , any one difference betweena Private Itd, and public ltd. company?, reneurship. £, , hip. 6%, , Choice Questions (MCQs). Tick (“) the correctanswer., , theseisan integral feature ofan entrepreneurial venture?, , b. Machines, , d. Investors, feature of the sole Proprietary business?, , chof, , ingle owner, d. None ofthese, does Amul India follow?, i b. Private Ltd company, ooperative, jal skill?, b. Problem solving skills, , No ability to bearrisk, ‘fora successful entrepreneurial venture?, , b. Mot ivation the employees, d ublic speaking, , Discuss and try to find out innovativ, Ou city or town. Refine your idea by taking in :, Sit together and discuss if this idea can be converted into a profitable, to do this. If you will set up a venture to implement this idea, discuss, and how will you arrange for the finances., , s activities around you. Make a poster on the different types of, , f entrepreneurship over regular salaried jobs,, , , , , , e ways of getting rid of the, puts from your teachers and, , , , , , , C 1, , intr, We s, river, surre, peo;, isa, , envi, the, , othe, envi, , dep, pre, con, , An, (bic, abi, to, cat, ecc, , fiel, , Ht, All, , pre, shi