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Revision Notes
Entrepreneur — Revision Notes
ICSE · Class 11 · Entrepreneurship
Entrepreneur revision notes for ICSE Class 11 Entrepreneurship: 4 topics in quick points. Part of the ICSE Class 11 Entrepreneurship syllabus.
65 questions34 flashcards5 concepts
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Key Topics to Revise
1
Meaning of Entrepreneur
- An entrepreneur is responsible for setting up a business or enterprise.
- An entrepreneur has initiative, skill for innovation, and the desire for high achievement.
- An entrepreneur acts as a catalyst of change and works for the good of people.
2
Definitions of Entrepreneur
- Richard Cantillon defined an entrepreneur as a risk-bearer who purchases goods at a certain price and sells them at an uncertain future price.
- Adam Smith described an entrepreneur as an economic agent who transforms demand into supply by organising production activities and responding to market needs.
- Joseph Schumpeter viewed the entrepreneur as an innovator who introduces new products, new methods of production, new markets, or new forms of organisation.
3
Classification of Entrepreneurs
- Entrepreneurs are classified on the basis of generation, ownership, societal norms, and technology.
- Generation-based types include founder entrepreneurs, second-generation entrepreneurs, and third-generation entrepreneurs.
- Ownership-based types include franchisees, owner-managers, and serial entrepreneurs.
4
Generation-Based Classification
- Founder entrepreneurs establish a business enterprise on their own for the first time in their family.
- Founder entrepreneurs create the business from scratch without any inherited entrepreneurial background.
- Swami Vikas is an example of a Founder Entrepreneur who created Dirghayu Bhava Retreat Centre independently.
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Full NotesKey Concepts
An entrepreneur is responsible for settingRichard Cantillon described an entrepreneur asFounder entrepreneurs start a businessFranchisees start a business usingC
Frequently Asked Questions
What are the important topics in Entrepreneur for ICSE Class 11 Entrepreneurship?
Key topics in Entrepreneur include Meaning of Entrepreneur, Definitions of Entrepreneur, Classification of Entrepreneurs, Generation-Based Classification. Study these first, then practise questions on each for Class 11 exams.
How should I revise Entrepreneur for Class 11 exams?
Learn the core ideas first, then work through the 65 practice questions on Entrepreneur. 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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