Self - Employment — Flashcards

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Self-employment is an economic activity that an individual performs on their own as a gainful occupation. It involves producing, buying, selling goods, or providing services for a price, while managin…

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1. Done independently to earn livelihood. 2. Owner manages the business, possibly with assistants. 3. Income is not fixed and depends on performance. 4. Owner bears all profits and losses. 5. Requires…

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Self-employment is important because: 1. It generates large-scale employment quickly. 2. It requires less capital than large businesses. 3. It promotes entrepreneurship and creativity. 4. It helps red…

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Self-employment provides income-generating opportunities for people who cannot find jobs. Instead of waiting for employment, individuals start small businesses like shops, repair services, or food sta…

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The four main avenues are: 1. Trading – e.g., grocery or stationery shop. 2. Manufacturing – e.g., bakery, brick-making, or handicrafts. 3. Professions – e.g., doctor, lawyer, CA, architect. 4. Indivi…

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1. Opening a small grocery shop in your locality. 2. Becoming a stockist or distributor for a popular brand of snacks or beverages.

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A small business is actively managed by its owners, operates locally, and is small in size. It uses less capital, employs fewer workers, and has low output value. In India, it is defined based on inve…

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1. Owned and managed by one or few individuals. 2. Owners actively manage daily operations. 3. Quick decision-making. 4. Serves local markets. 5. Labour-intensive with low capital. 6. Uses local resou…