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Entrepreneurship: Concept and Functions

CBSE · Class 11 · Entrepreneurship

Quick revision notes for Entrepreneurship: Concept and Functions — CBSE Class 11 Entrepreneurship. Key concepts, formulas, and definitions for last-minute revision.

44 questions20 flashcards4 concepts

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Key Topics to Revise

1

Understanding Entrepreneurship and Entrepreneurs

  • Entrepreneurship is defined as systematic innovation consisting of purposeful and organized search for changes and analysis of opportunities for economic and social transformation
  • An entrepreneur is a person who starts an enterprise, bears risks, unites factors of production, and carries out creative innovations
  • The word 'entrepreneur' comes from French 'entreprendre' meaning 'to undertake', coined by Richard Cantillon
2

Functions of an Entrepreneur

  • Entrepreneurial Functions: Innovation (introducing new combinations), Risk-taking (responsibility for losses), Organization Building (bringing factors together)
  • Promotional Functions: Discovery of ideas, Detailed investigation, Assembling requirements, Financing the proposition
  • Managerial Functions: Planning, Organizing, Staffing, Directing, Leadership, Communication, Motivation, Supervision, Coordination, Controlling
3

Need for Entrepreneurship in Economy

  • Life-line of a nation - No country can progress without entrepreneurship development
  • Provides innovation - New ideas, imagination, and vision for enterprises
  • Promotes inclusive growth - Adapts to changing environments and technological advances
4

Myths, Advantages, and Disadvantages of Entrepreneurship

  • Common Myths: Starting business is easy, needs lot of money, can't get debt financing, banks don't lend, most are financially successful
  • Reality: Most startups need only Rs.1,50,000, debt financing is common, banks do lend under schemes
  • Advantages: Excitement, Originality, Independence, Rational salary, Freedom to work on own ideas

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Key Concepts

An entrepreneur is a person whoEntrepreneurship is the systematic processAn enterprise is the outcomeA

Frequently Asked Questions

What are the important topics in Entrepreneurship: Concept and Functions for CBSE Class 11 Entrepreneurship?
Entrepreneurship: Concept and Functions covers several key topics that are frequently asked in CBSE Class 11 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in Entrepreneurship: Concept and Functions — CBSE Class 11 Entrepreneurship?
Start by understanding all key concepts. Practise previous year questions from this chapter. Revise formulas and definitions regularly. Use flashcards for quick revision before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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