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Entrepreneurship as Innovation and Problem Solving — Revision Notes

CBSE · Class 11 · Entrepreneurship

Entrepreneurship as Innovation and Problem Solving revision notes for CBSE Class 11 Entrepreneurship: 4 topics in quick points.

44 questions20 flashcards5 concepts

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Key Topics to Revise

1

Entrepreneurs as Problem Solvers

  • Entrepreneurs identify problems in society and create solutions that add value
  • The fish tank story from Japan demonstrates how continuous problem-solving leads to innovation
  • KFC began when Colonel Sanders identified hungry travelers' problem and provided a solution
2

Innovation and Entrepreneurial Ventures

  • Innovation is the distinguishing mark of entrepreneurs - they habitually create and build value
  • Creativity combined with practical implementation ability defines successful entrepreneurs
  • Many major innovations were accidental discoveries: Penicillin, Potato Chips, Microwave Ovens
3

Social Entrepreneurship

  • Social entrepreneurship combines social mission with business discipline and innovation
  • Social entrepreneurs aim for large-scale transformational benefit for society
  • Muhammad Yunus created Grameen Bank providing microcredit to poor women in Bangladesh
4

Risk Management in Entrepreneurship

  • Business risk is possibility of unfavorable occurrence that can cause loss
  • Two main categories: Internal Risks and External Risks
  • Internal risks arise from within the business: human factors, technological factors, physical factors

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Full Notes

Key Concepts

Entrepreneurs identify problems in societyInnovation involves creating something newSocial entrepreneurship combines social missionBusiness risk is the possibilityTechnology has revolutionized business through Information

Frequently Asked Questions

What are the important topics in Entrepreneurship as Innovation and Problem Solving for CBSE Class 11 Entrepreneurship?
Key topics in Entrepreneurship as Innovation and Problem Solving include Entrepreneurs as Problem Solvers, Innovation and Entrepreneurial Ventures, Social Entrepreneurship, Risk Management in Entrepreneurship. Study these first, then practise questions on each for Class 11 exams.
How should I revise Entrepreneurship as Innovation and Problem Solving for Class 11 exams?
Learn the core ideas first, then work through the 44 practice questions on Entrepreneurship as Innovation and Problem Solving. Revise definitions regularly and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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