Employability Skills I: Entrepreneurial Skills-I

Hello students, welcome to Kwickprep. The tea stall near your school and a big online shopping app have one thing in common. Both were started by an entrepreneur. Today we will learn what entrepreneurship is, types of business, qualities of an entrepreneur, common myths, and entrepreneurship as a career.

Let us learn three words first. An entrepreneur is a person who sees a need, takes a risk, and starts a business to meet that need. Entrepreneurship is the whole process of starting and running that business. An enterprise is the business itself, whether it is a small shop or a big company.

How is an entrepreneur different from an employee? An employee works for someone else and gets a fixed salary every month. An entrepreneur works for their own business and earns a profit, which is the money left after all costs. The entrepreneur also takes the risk, so there may be a loss in a bad month. And a growing business often gives jobs to other people.

Businesses are of three types. A product business makes or sells goods you can touch, like homemade pickles. A service business sells work or help, like a tuition class or a mobile repair shop. A hybrid business sells both, like a restaurant, which gives you food and also serves it to you.

Entrepreneurs help society in many ways. They create jobs, so people can earn near their homes. They use local resources and skills, like bamboo craft or village dairy. They solve everyday problems, like delivering medicines to your door. And when many businesses grow, the country's economy grows too.

What qualities does a successful entrepreneur need? They are hard working and patient, because profit takes time. They are confident and positive, even after a failure. They are creative, which means they find new ideas and new ways. They take calculated risks, which means risks that have been thought through. And they make decisions quickly and carefully.

An entrepreneur has several functions, which means jobs to do. First, they spot a need, like no good stationery shop near a school. Next, they plan the money, materials and people needed. Then they make decisions and take the risk of investing. Finally, they manage the team and keep customers happy.

Here is the journey from idea to business. First, spot a need, like students wanting healthy snacks. Next, think of an idea to meet it. Then plan the money and materials needed. Start small, like a stall on weekends. Ask, are customers happy? If yes, grow the business. If no, improve the idea and try again, and keep learning.

Many people believe myths, which are wrong beliefs, about entrepreneurship. Myth one, you need lots of money, but many businesses start small, from home. Myth two, entrepreneurs are born, but these skills are learnt. Myth three, it is only for older people, but students also start small ventures. Myth four, a new business always fails, but good planning reduces the risk.

Entrepreneurship can also be a career. You can be your own boss and decide your work. A hobby, like baking or photography, can become an income. The government supports new businesses through schemes such as Startup India. But remember, the early years need patience, because income may not be regular.

Let us see a small example. Riya makes rakhis at home and spends six hundred rupees on materials. She sells forty rakhis at thirty rupees each and earns one thousand two hundred rupees. Her profit is one thousand two hundred minus six hundred, which is six hundred rupees. Pause and predict. Which type of business is this? It is a product business, because she sells goods.

Let us revise what we learned today. An entrepreneur starts a business and takes the risk. Businesses can be product, service or hybrid. Entrepreneurs create jobs and use local resources. They need hard work, creativity and confidence. And the myths are false, so entrepreneurship is a real career. Look around your area and list three businesses with their type.