Entrepreneurship Development Class 12 Revision Notes
The Entrepreneurship development class 12 notes explain the concept of entrepreneurship. It is the process of setting up one’s own business as distinct from pursuing any other economic activity, be it employment or practicing some profession. The person who sets up his business is called an entrepreneur. Whereas, the output of the process is called an enterprise. It also explains the characteristics of entrepreneurship. It deals with the functions of entrepreneurship in economic development because entrepreneurs work towards achieving profits. Entrepreneurs play important roles both in relation to economic development and in relation to the enterprises. Entrepreneur contributes to growth in GDP, capital formation and employment generation. It creates business opportunities for others and develops society.
This chapter also explains the role of entrepreneurship in relation to enterprises. It also deals with the process of entrepreneurship development. This chapter also explains the relationship between enterprises and management and the need for entrepreneurship.
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Subtopics covered under Entrepreneurship Development:
- Concept and Characteristics of Entrepreneurship: The sub-topic explains the concept of entrepreneurship and the characteristics of entrepreneurship like systematic activity, lawful and purposeful activity, innovation, leadership, confident, risk-taker, etc.
- Functions of Entrepreneurs in Economic Development: The sub-topic explains the functions of entrepreneurship i.e. contribution to GDP, capital formation, generation of employment, improvement in economic efficiency, etc.
- Role of Entrepreneurs in Relation to Enterprise: The sub-topic explains the role of entrepreneurship in relation to an enterprise that is initiator, risk-taker, reduces risk, allocator, adhering to legal norms and forecasting.
- Process of Entrepreneurship Development: The sub topic deals with process of entrepreneurship development the outcome of a dynamic process of interaction between the person and the environment.
- Relationship between Entrepreneurship and Management and Need for Entrepreneurship: The sub-topic explains the need for entrepreneurship, management and entrepreneurship and the relation between entrepreneurship and manager.
You can download CBSE Class 12 Business Studies Chapter 13 Revision Notes by clicking on the download button below
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