Advantages and Dis advantages and Procees of Entrepreneurship

Date : 27.April.2020
Sub  : Entrepreneurship
Day  : 5
Time : 7.30am -8.10am and  12:20pm - 1pm
Period : 1 and 7
Class    : 11

Learning Outcomes

• Students will understand the Advantages and Dis - Advantages of Entrepreneurship
• Students will learn the process of Entrepreneurship
• Create in students mind an insight of choosing Entrepreneurship as a career
• Along with its advantages there are disadvantages

A very good morning students 

Thank you for logging in

I hope you have been going through my notes as well as the PDF of the text book of chapter 1.

Today we will finish the first chapter.

We will be learning the Advantages and Dis advantages of entrepreneurship in the first period.

An entrepreneur has the following advantages :

• Excitement
• Originality
• Independence
• Rational Salary
• Freedom

The dis advantages of an entrepreneur are :

• Salary
• Benefits
• Work Schedule
• Administration
• Incompetent Staff.

Please fo through the notes given to you below

Advantage & Disadvantages of Entrepreneurship

To everything in life there are advantages and disadvantages; entrepreneurship is no exception. As a matter of fact, entrepreneurship ivolves a lot of risk taking. Yet , it can pay off very well, with rewards such as profits, the opportunity to be your own boss and makes your own decisions.

ADVANTAGES

Excitement :

  Due to its high capacity for risk , there is a lot of adventure . It develops excitement in entrepreneurs. It also develops positive attitude to face challenges. 

Originality :

  Innovative entrepreneurs tries to bring maximum quality and natural products. Only a creative entrepreneur can offer a new service or product that no one else has offered before.

Independence :

   Some wish to be their own boss and makes all the important decisions themselves. Entrepreneurship provides opportunity think and act independently .

Rational Salary:

  They are not being paid for what they are doing but they earn money for their efforts through profit. If they work hard earnings will be higher.

DIS-ADVANTAGES

Meeting Variable Cost

  Starting your own business means that you must be willing to give the security of a regular payment of cash for necessity .

Benefits :

  There will fewer benefits, especially  when considering that your business will be just starting off. I.e., if the starting of enterprise is not in a good way, will give a negative result.

Work Schedule :

  The work schedule of an entrepreneur is never predictable; an emergency can come up in a matter of a second. The day to day activities of an entrepreneur changes from time to time.

Administration :

  All the decisions of the business are made by the entrepreneur himself, in such a business there is a chance for wrong decisions. Such wrong decisions will lead to losses.

Incompetent Staff :

   Most of the time, the entrepreneurs will find themselves working with employees , due to the shortage of experienced employees. It will bring wastage of raw materials and decrease in productivity.

I now request you to go throgh both the video links given below for advantages anh periodd disadvantages of entrepreneurship

https://www.youtube.com/watch?v=DmSOAYE6Cd8



https://www.youtube.com/watch?v=t-BTRARKukk



We now shift our focus to the 7th period. 
Please make sure you only do it in the 7th period.

We will now end our chapter with the last topic PROCESS OF ENTREPRENEURSHIP

Entrepreneurs create their enterprise through the following process

• Self- Discovery
• Identifying Opportunities
• Generating and evaluating ideas
• Planning
• Raising start-up capital
• Start- Up
• Growth
• Harvest

Please go through my notes given below

Process of Entrepreneurship

          Entrepreneur is a creative person, he has to do lots of different activities for carrying out his business. Following are the different steps in the creation of an enterprise.

Self Discovery

          Finding out new ideas he can do, and analyse their strength and weaknesses. Also analyse its potential opportunities in the market.

Identifying Opportunities

          Search for unsatisfied needs and wants, problems and challenges of the society. It will give new opportunity for starting a new enterprise.

Generating and Evaluating Ideas

           Using creativity and past experience to devise new and innovative ways to satisfy the needs, wants , problems and challenges of the society.

Planning

        Researching and identifying resources needed to make the idea successful one. Plan all the activities for making the idea into a good venture.

Raising Start-up Capital

          Using the business plan , entrepreneur has to collect the necessary amount of funds to start the business.

Start-up

           Starting the production activities or collection of goods and services, distribution of goods and services to needy people, creation of a good collection of regular customers.

Growth

         Develop the business with new strategic plans and changing technologies .

Harvest

          Marketing the products and harvesting the rewards.

Please go through the video link sent below to understand the concept better.

https://www.youtube.com/watch?v=jtG-PKrxizE&t=223s

Your assighnment is to copy down my notes and read the e-book.

Very soon i will be taking a test on chapter one since we have finished the chapter

The test will be held within this week 

I shall inform you much in advance

Thank you