Chapter 2 of 8
Revision Notes
Entrepreneurship — Revision Notes
ICSE · Class 11 · Business Studies
Entrepreneurship revision notes for ICSE Class 11 Business Studies: 4 topics in quick points. Part of the ICSE Class 11 Business Studies syllabus.
44 questions45 flashcards5 concepts
Interactive on Super Tutor
Studying Entrepreneurship? Get the full interactive chapter.
Quizzes, flashcards, AI doubt-solver and a step-by-step study plan — built for revision notes and more.
Free trial, no card needed.
Super Tutor
An illustration from Super Tutor's Entrepreneurship chapter — alongside flashcards, concept maps and practice questions.
Key Topics to Revise
1
Meaning and Definition of Entrepreneur
- The word entrepreneur first appeared in the French language and was used for leaders of military expeditions and civil engineering.
- Richard Cantillon was the first person to use the term entrepreneur for economic activities.
- The concept of entrepreneur is associated with three main elements: risk-bearing, organising, and innovating.
2
Definitions of Entrepreneur
- Richard Cantillon described the entrepreneur as the agent who buys means of production at certain prices and sells at uncertain prices.
- J. B. Say described the entrepreneur as the economic agent who unites all means of production.
- Joseph Schumpeter described the entrepreneur as an innovator who brings economic development through new combinations of factors of production.
3
Classification and Types of Entrepreneurs
- The two sub-categories of entrepreneurs are Independent Entrepreneurs and Spin-off Entrepreneurs.
- Independent Entrepreneurs foster an idea on their own and start a new organisation based on that idea.
- Spin-off Entrepreneurs foster an idea within an existing workplace and then create a new firm or organisation on their own.
4
Characteristics of a Successful Entrepreneur
- Forward looking: able to observe trends and spot opportunities.
- Hardworking: puts constant effort into work.
- Passionate: strong enthusiasm helps overcome difficulties.
Get complete notes with diagrams and examples
Full NotesKey Concepts
An entrepreneur is a person whoThe concept of entrepreneur is linkedDifferent thinkers described the entrepreneurEntrepreneurs can be classified as independentDanhof classified entrepreneurs into four types
Frequently Asked Questions
What are the important topics in Entrepreneurship for ICSE Class 11 Business Studies?
Key topics in Entrepreneurship include Meaning and Definition of Entrepreneur, Definitions of Entrepreneur, Classification and Types of Entrepreneurs, Characteristics of a Successful Entrepreneur. Study these first, then practise questions on each for Class 11 exams.
How should I revise Entrepreneurship for Class 11 exams?
Learn the core ideas first, then work through the 44 practice questions on Entrepreneurship. 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.
More resources for Entrepreneurship
For serious students
Get the full Entrepreneurship chapter — start free.
Quizzes, flashcards, an AI doubt solver and a study plan for ICSE Class 11 Business Studies. Free to start, no card needed.