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Entrepreneur

ICSE · Class 11 · Entrepreneurship

Quick revision notes for Entrepreneur — ICSE Class 11 Entrepreneurship. Key concepts, formulas, and definitions for last-minute revision.

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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Key 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?
Entrepreneur covers several key topics that are frequently asked in ICSE Class 11 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in Entrepreneur — ICSE Class 11 Entrepreneurship?
Understand the core concepts first, then work through the 65 practice questions available for this chapter. Revise formulas and 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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