LUCKNOW PUBLIC SCHOOL

SESSION-2019-20

STUDY MATERIAL

FRAGMENT 1

SUBJECT: Information Technology(402)

CLASS-IX

CHAPTERS INCLUDED:

CHAPTER 1: Self-Management skills CHAPTER 4: Entrepreneurial skills

TEACHERS’ CONTRIBUTORS:

ANJU LATA SHARMA, SOUTH-CITY

ANZILA CHANDRA NAIR ,JANKIPURAM

1

Notes by:

Anju Lata Sharma, South city

Entrepreneurial skills

Types of Business Activities Characteristics of Entrepreneurship

Q1: Who is an ‘entrepreneur’?

Or

How will you define an entrepreneur?

Ans: An entrepreneur is a person who takes the initiative of starting a

business, bears the risk of investing money, manages at all levels, and is

responsible for its success or failure.

Examples of entrepreneur:

Artist, educator, professional, restaurateur, businessman or an inventor.

Q2: How can you explain entrepreneurs in the local communities?

Ans: The shopkeepers that we see in a shopping complex are all

entrepreneurs who are engaged in different types of business activities.

Examples:

1. The most popular business in any local community is of grocery items.

2. Some entrepreneurs deal in businesses which provide daily life

essentials, such as vegetable and fruit vendors, chemist shops, salons,

tailoring shops, dry cleaners, doctor’s clinics, restaurants and food

outlets.

3. There are some other businesses which are very important in any

neighbourhood, for example, photocopying and printing services, books

and stationery shops, gift stores, electrical goods and appliances shops,

electronic repair shops, readymade garments store, coaching centres,

playschools, and crèche facilities.

Q3: What are the benefits of studying Entrepreneurship?

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Ans: The benefits of studying entrepreneurship are:

1. It helps to think about new business ideas.

2. It helps to cultivate skills and knowledge for staring an enterprise.

3. It develops business skills in areas such as finance, sales, marketing,

management and accounting.

4. It helps in the development of other skills such as adaptability, effective

communication, business discipline and confidence.

Q4: What do you mean by term ‘Business’? Explain different types of

businesses.

Ans: Business is an area of work or an activity related to production, buying

and selling of goods or services.

Businesses can broadly be classified into four types:

Service Business: A service business provides products which do not have a

physical form or cannot be touched.

Examples: Salons, repair shops, housekeeping agencies, schools, coaching

institutes, sports academies, hotels and resorts, accounting firms, and law

firms.

Merchandising business: Merchandising business is also known as ‘buy and

sell’ or ‘trading’ business. A merchandising business firm buys goods or

products at ‘wholesale price’ and sells the same at ‘retail price’.

Examples: grocery stores, convenience stores, chemists, electronic stores,

automobile dealers and other resellers.

Manufacturing Business: A manufacturing business buys raw material for

making a new product. The goods that are manufactured are generally sold to

wholesalers, who further sell them to retailers, who then sell them to the end

users or consumers.

Service Merchandising Manufacturing Hybrid

Types of Business Activities

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Examples: a cotton/woollen textile company, a mobile phone manufacturer, a

furniture manufacturer, etc.

Hybrid Business: A hybrid company does not belong to any one specific type of

business; it is a mixed type of business.

Example: A restaurant.

Q5: How many types of business organisations in our community?

Ans: Four main types of business organisations, based on ownership are as

follow:

• Sole Proprietorship: A sole proprietorship is a business owned by a

single person. We can call it the one-man business organisation.

• Partnership: A partnership is a business owned by two or more persons

who jointly invest money in the business.

• Corporation: A corporation is a business organisation that is considered

a separate entity from its owners and pays its tax separately. The owners

of the business are called ‘shareholder’.

• Cooperative: Cooperative is an enterprise or an organisation that is

owned and managed jointly by those who are its members. It is

democratically controlled and operated on a non-profit basis.

Q6: What are the most important skills you need to have as an

entrepreneur?

Ans:

1. Curiosity 2. Time management 3. Strategic thinking 4. Efficiency 5. Resilience

6. Communication 7. Networking 8. Finance 9. Branding 10. Sales

Business Ownership

Sole Proprietorship

Partnership Corporation Cooperative

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Q7: What are the qualities of a successful entrepreneur?

Ans:

1. Disciplined 2. Confidence 3. Open Minded 4. Self Starter 5. Competitive

6. Creativity 7. Determination 8. Strong people skills 9. Strong work ethic 10. Passion

Q8: What are the Stages in Entrepreneurship Development process?

Ans: The entrepreneurship development process has five main stages:

Q9: What are the factors affecting Entrepreneurship growth?

Ans: Entrepreneurship growth can be seen in areas where these following factors are present:

Identification and evaluation of the opportunity

Development of the business plan (Create a new venture, product, or market)

Determination of the required resonurces

Management of the resulting enterprise

Change/adapt with time

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Economic Factors: The economic factors that affect the growth of entrepreneurship are:

1. Capital 2. Labour 3. Raw Material

4. Market 5. Infrastructure 6. other

Social Factors: Social factors strongly affect the entrepreneurial behaviour of people. The social environment, in which people grow, shapes their basic beliefs, values and norms are as follows:

1. Social Mobility 2. Family Background 3. Education 4. Attitude of the Society 5. Cultural Value

Psychological Factors: Many entrepreneurial theorists have developed theories of entrepreneurship that are based on psychological factors. These factors are as follows:

1. Need for Achievement 2. Withdrawal of Status Respect 3. Motives

Q10: What is the importance of entrepreneurship in society?

Ans: Entrepreneurship is beneficial for society in three ways:

Economic benefits:

Generates employment

Regional development

Factors Affecting Entrepreneurship Growth

Economic Factors Social Factors Psychological Factors

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Utilises resources

Improves the economy of a country

Social benefits:

Helps reduce unemployment

Improves socio-economic status

Satisfies consumer need

Economic benefits:

Instils a drive for achievement

Develops confidence

Increases motivation

Q11: What are the ‘Rewards of Entrepreneurship’?

Ans:

Being the boss

Having the opportunity to be creative

You can set your own schedule

You become a business leader

Doing what you enjoy

Building an enterprise

You do what you believe in

There is excitement at work

ANZILA CHANDRA NAIR (JANKIPURAM) Page 1

Lucknow Public School Self-Management

Skills

SESSION -1

Q1. What is Management?

Ans. Management is an art of knowing what to do, when to do and see that it is

done in the best and cheapest way.

Q2. What is Self-Management Skills? How is it different from Management?

Ans. Self-management, which is also referred to as ‘self-control’ or ‘self-

regulation’, is the ability to regulate one’s emotions, thoughts, and behavior

effectively in different situations. This includes motivating oneself, and setting

and working towards personal and academic goals.

Self-management involves understanding yourself, understanding what your

interests and abilities are, having a positive attitude and grooming yourself in

order to develop self-confidence.

Q3. What Self-Management develops?

Ans. Self-management can also help in:

• developing good habits

• overcoming bad habits

• reaching your goals

• overcoming challenges and difficulties

Being able to manage yourself helps you to avoid stress and provides

opportunities to get involved in fun activities.

Q4. List the various Self-Management Includes?

Ans. Self-management skills include the following:-

1. Self-awareness

Knowing yourself as an individual – your values, likes, dislikes, strengths

and weaknesses.

ANZILA CHANDRA NAIR (JANKIPURAM) Page 2

2. Self-control

Ability to control your behavior, discipline, etc.

3. Self-confidence

Believing in yourself that you can do any task that is given to you and not

scared of taking risks.

4. Problem solving

Understanding a problem and finding a solution using step-by-step method.

5. Self-motivation

Doing tasks on your own without any external motivation.

6. Personal hygiene and grooming

Keeping oneself clean, healthy and smart.

7. Positive thinking

Expressing certainty or affirmation even in tough situations.

8. Team work

Working together with people to accomplish shared goals.

9. Time management

Achieving tasks on time and according the plan.

Q5. Describe the importance of self-management?

Ans. Importance of Self-Management Skills:

Self-management skills are important because it makes you more organized and it becomes easier to work.

Through these skills you get a chance to work better and have a better chance of being successful in life.

It will lead to career growth and a better chance of success in what you do, be at a professional level or at a personal level.

Setting goals in life is very important and it is a key factor in the development of self-management skills. They are interconnected and dependent on each other for their success.

Goals give us a target to be achieved; it makes us motivated and pushes us to give our best. They are the best form of self-management because we get to use our time constructively.

There are many things that are important in our lives and we should learn how to prioritize. Self-management skills are thus very important because it

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makes us understand what we need the most and how we should divide our time and energies so that the best possible results can be achieved.

Self-management also gives you the confidence that you can do this as you are in control of your situation and the success or failure of your tasks depend on you and how you manage your time.

It also makes you take responsibility and be a better person in general. People can depend on you and if you ask the right questions you will manage your responsibilities better.

Also try to re-evaluate your goals, the factors in your life may change and so may your priorities and hence your self-management skills should be such that they should take into account any new situation.

Q6. Discuss any three strategies of Organisation Skill that you would like to

apply in your life. How do you hope to benefit from them?

Ans. The three strategies of Organisation Skill that I like to apply in our life are

specific, measurable and time bound. By using these strategies we can clarify our

ideas, focus our efforts, use our time and resources productively, and increase

your chances of achieving what you want in life.

Specific: - To achieve a goal, it is important to clearly define your goals.. A well-

defined task helps you to focus your efforts.

Measurable: - A goal without a measurable outcome is like a sports competition

without a scoreboard. Make your progress measurable.

Time Bound: - A time bound targets informs you whether you are progressing at

the right pace or not.

Q7. Discuss the importance for devising a realistic and time bound plan?

Ans:- The importance of Realistic plan:-

Everybody has things they'd like to achieve in life. Setting goals and achieving

them not only gets things done, but can also build self-esteem, happiness, and a

sense of well-being. This is more likely to happen if your goals are realistic.

Realistic goals are also more motivating than those that set the bar too high.

ANZILA CHANDRA NAIR (JANKIPURAM) Page 4

The importance of Time Bond plan:-

Every goal needs a target date, so that you have a deadline to focus on and

something to work toward. This part of the SMART goal criteria helps to prevent

everyday tasks from taking priority over your longer-term goals.

Q 8. What Does SMART Mean? Ans. SMART is an acronym that you can use to guide your goal setting.

Specific (simple, sensible, significant).

Measurable (meaningful, motivating).

Achievable (agreed, attainable).

Relevant (reasonable, realistic and resourced, results-based).

Time bound (time-based, time limited, time/cost limited, timely, time-

sensitive).