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Class XI: Business Studies (Enterprise)

The document discusses key concepts around business enterprises including the purpose of business activity, different legal business structures, factors of production, and the roles and characteristics of entrepreneurs. It addresses the major challenges entrepreneurs face including identifying opportunities, securing financing, and competition. Common reasons for business failure and types of entrepreneurial businesses are also examined. Social enterprises are introduced as having economic, social and environmental objectives.

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Shamnaz Khan
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121 views9 pages

Class XI: Business Studies (Enterprise)

The document discusses key concepts around business enterprises including the purpose of business activity, different legal business structures, factors of production, and the roles and characteristics of entrepreneurs. It addresses the major challenges entrepreneurs face including identifying opportunities, securing financing, and competition. Common reasons for business failure and types of entrepreneurial businesses are also examined. Social enterprises are introduced as having economic, social and environmental objectives.

Uploaded by

Shamnaz Khan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Class XI

BUSINESS STUDIES

CHAPTER 1
(ENTERPRISE)
Key points to look back at:

Purpose of business activity


Appropriateness of legal structure: sole trader,
partnership, private limited companies, public
limited companies, franchises, co-operatives, joint
ventures and changes from one to another business
structure (link:
https://www.handhaccountants.com/accountancy-a
dvice/should-i-be-a-sole-trader-partnership-llp-or-li
mited-company/
)
Cont.

Different types of goods (consumer and producer)


Factors of production and scarcity problems
Concept of added value and creating value (One of
the ways of increasing value added is through
reducing cost. Reference link:
https://www.youtube.com/watch?v=Txt_l5dKgtk)
Opportunity cost in the industry and daily life
Role of entrepreneur in a business

Had an idea for a new business


Invested some of their own savings and capital
Accepted the responsibility of managing the business
Accepted the possible risks of failure
(Can also be referred to as functions/characteristics of
an entrepreneur)

What is the difference between a businessman and an


entrepreneur? (
https://www.youtube.com/watch?v=iwOYGLS3Qhw)
Characteristics of successful entrepreneurs

Innovation
Commitment and self-motivation
Multi skilled
Leadership skills
Self-confidence and an ability to bounce back
Risk taking

For other characteristics of a successful entrepreneur


refer to this link:
https://www.youtube.com/watch?v=YEhhqqCFxog
Major challenges faced by entrepreneurs

Identifying successful business opportunities


Sourcing capital (finance)
Determining a location
Competition
Building a customer base

For better insight refer to this link:


https://www.youtube.com/watch?v=tncLmP1Id9Q
Why do new businesses often fail?

Lack of record keeping


Lack of cash and working capital
Poor management skills
Changes on business environment

For better understanding refer to this link:


https://www.youtube.com/watch?v=iAfNeQfVD6M
Common types of entrepreneurial business

Primary, secondary and tertiary/service sector


Impact of enterprise on a country’s economy:
Employment creation
Economic growth
Innovation and technological change
Exports
Personal development
Increased social cohesion
Social enterprise

What is a social enterprise?


Objectives: Economic, Social and Environmental
Link for better understanding:
https://www.youtube.com/watch?v=EpmBTDeTSH
g

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