UNIT 4 – Entrepreneurial Skills – CLASS 9 AI

⭐ SESSION 1: Types of Businesses & Business Activities

🔵 1. What is Self-Employment?

In today’s competitive world, many people choose self-employment instead of a regular job.
Self-employment means running your own business, using your own skills, ideas and training.

Benefits of self-employment:

  • Independence
  • Growth opportunities
  • Contribution to economy
  • Personal satisfaction

🔵 2. Forms of Business Ownership

Every business has an ownership structure. Your PDF describes five major types.

✔ 1. Sole Proprietorship

  • Business owned by one person.
  • Easy to start, least costly.
  • Owner has unlimited liability (personal assets can be used if business suffers a loss).

Example: small shops, salons.

✔ 2. Partnership

  • Owned by two or more people.
  • Profits & losses are shared.
  • In limited partnership, personal assets of limited partners are protected.

✔ 3. Corporation

  • Large business with a separate legal identity from owners.
  • Owners = Shareholders.
  • Run by Board of Directors.
  • Owners have limited liability.

✔ 4. Limited Liability Company (LLC)

  • Mix of corporation + partnership.
  • Owners enjoy limited liability.
  • Can be taxed as sole proprietorship, partnership, or corporation.

✔ 5. Cooperative

  • Owned by a group of members for their mutual benefit.
  • Profits shared among members.
    Examples:
  • Cooperative banks
  • Housing societies
  • Utility cooperatives

🔵 3. Types of Businesses

✔ 1. Service Business

  • Provides intangible products (no physical goods).
    Examples: schools, banks, salons, consulting firms.

✔ 2. Merchandising Business

  • Buys goods at wholesale and sells at retail.
  • Does not change the shape/quality of the product.
    Examples: grocery stores, malls, retailers.

✔ 3. Manufacturing Business

  • Converts raw materials into finished goods.
    Examples: factories making cars, clothes, furniture.

✔ 4. Hybrid Business

  • Combination of multiple types.
    Example: Restaurant (manufactures food + sells products + provides service).

🔵 4. Major Business Activities

Every business performs important activities to run successfully:

✔ 1. Human Resources (HR)

  • Hiring employees
  • Training
  • Handling conflicts
  • Managing benefits

✔ 2. Customer Service

  • Solves customer complaints
  • Handles product issues
  • Maintains customer relationships

Good customer service → More sales → More profit

✔ 3. Accounting

  • Tracking income & expenses
  • Preparing financial statements
  • Daily data entry for retail stores

✔ 4. Budgets & Finance

  • Planning monthly/annual spending
  • Allocating funds for projects
  • Managing investments & risks

✔ 5. Sales

  • Selling the product/service
  • Maintaining customer relationships
  • Demonstrating products

Sales = Heart of every business

✔ 6. Marketing

  • Advertising & brand building
  • Through TV, online, posters, etc.
  • Helps reach the right customers

✔ 7. Research & Development (R&D)

  • Finding new ideas
  • Creating new products
  • Improving existing products

✔ 8. Manufacturing & Production

  • Making products
  • Quality control
  • Assembling and packaging

⭐ SESSION 2: Entrepreneurship – Meaning & Characteristics

🔵 1. What is Entrepreneurship?

Entrepreneurship =
➡️ Creating a business
➡️ Growing it step-by-step
➡️ Earning profit through innovation & risk taking

An entrepreneur imagines the world differently and creates solutions.
Examples: Steve Jobs, Elon Musk, Bill Gates.

🔵 2. Why Entrepreneurs Are Important?

✔ 1. Create Jobs

They become job providers instead of job seekers.

✔ 2. Bring Change

They develop new ideas (innovations) that improve society.

✔ 3. Give Back to Society

They pay taxes, donate to charity, contribute to public welfare.

🔵 3. Process of Entrepreneurship Development

Your PDF explains 6 important steps:

✔ 1. Setting Clear Objectives

A good program must have clear goals—what skills will be taught?

✔ 2. Identifying Suitable Candidates

Choosing people who have interest, motivation and potential.

✔ 3. Focusing on Local Talent & Market

Training should match local business conditions & needs.

✔ 4. Choosing Right Location

Programs should be conducted where people can easily access them.

✔ 5. Meeting Requirements of Trainees

Programs must evolve with changing needs & skill levels.

✔ 6. Program Impact Analysis

Feedback taken after training to improve future programs.

🔵 4. Characteristics of Entrepreneurship

✔ 1. Economic & Dynamic Activity

  • Uses resources (land, labour, capital)
  • Focus on wealth creation
  • Adapts to market changes

✔ 2. Continuous Innovation

  • Entrepreneurs constantly think of new ideas
  • Improve products & services

✔ 3. Opportunity & Growth Potential

  • Identifying opportunities leads to growth
  • Higher profits with improved ideas

✔ 4. Risk Taking

  • Ready to face challenges
  • Convert risks into opportunities
  • Stay patient and determined

🔵 5. Role of Entrepreneurship in Society

✔ 1. Mobilizing Public Wealth

Businesses bring investments from public, lenders, and investors.

✔ 2. Employment Generation

New businesses = new jobs.

✔ 3. Industrial Development

Entrepreneurs help develop backward areas → better infrastructure.

✔ 4. Contribution to GDP

MSME sector contributes to 35% of India’s GDP (as per PDF).

✔ 5. Improving Living Standards

More jobs = better income → better lifestyle.

✔ 6. Community Development

They support education, healthcare, public services, etc.
Example: Azim Premji donated ₹27,514 crores for education.

🔵 6. Rewards of Entrepreneurship

  • Growth opportunities
  • Independence & control
  • Flexible work schedules
  • Chance to be creative
  • Recognition & fame
  • Team leadership
  • Following your passion

🎉 STUDY MATERIAL COMPLETED FOR UNIT 4

(Based fully on Unit 4 PDF content: )

⭐ If you want, I can also provide:

✅ MCQs (30 / 50 / 100)
✅ Short & Long Q–A
✅ Very short notes for revision
✅ Mind-map / Flowchart
✅ PDF Notes (downloadable)

Would you like these?