An entrepreneur is a person who is self-employed, is
willing to take a calculated risk and brings in a new idea to
start a business.
The process of developing a business plan, launching and
running a business using innovation to meet customer needs
and to make a profit is entrepreneurship.
An enterprise is a project or undertaking that is bold and
fulfills a need of the society which no one has ever
addressed.
As entrepreneurs create value by making available better and
cheaper products and services for customers, the economy
grows. As entrepreneurs grow their business, investors put
money into their businesses and expect good returns. As
more and more entrepreneurs create business opportunities,
the economy grows.
Social Development—Creation of Jobs A business started by
an entrepreneur is usually a very small business in the
beginning. If it becomes successful and grows, the
entrepreneur expands the business. As the business grows, it
needs more work to be done and so creates more jobs. Good
quality jobs lead to more people earning money and having a
good life.
Improved Standard of Living— More things available to live a
comfortable life When entrepreneurs sell products like a
tractor, a mobile phone or a mobile service, it helps people
live a more comfortable life.
An enterpreneur need to have following qualities
Patience,positivity,confidencehardworkin,open to trial and
error
The profit earned is the excess earning after deducting all
expenses.
Entrepreneurship is not without risks but entrepreneurs are
not afraid of taking calculated risks. Taking risks can lead to
failure but failure is acceptable and entrepreneurs continue
their course of action till they succeed.
Characteristic of enterprenuerr
1. Ability to take up risks
2. Believe in hard work and discipline
5. Financial literacy and money management skills
6. Effective planning and execution.
Benefits of entrepreneurship
• Do what you are interested in: Entrepreneurship allows you
to start and do something you like using your hobbies and
skills.
• Work for yourself, and not for others: As an entrepreneur,
you can work for yourself and not for someone else. You can
decide the kind of work you like to do and how you want to
do it.
• Make profits for yourself: As an entrepreneur, you can
decide how much money you want to earn and how you want
to earn it.
• More risk, more profit: Even though there are risks in
entrepreneurship, it allows you to decide how much risk you
want to take.
Product business A business where a seller and buyer
exchange an item, which can be seen and touched, is called a
productbased business.
Service business A business where a seller helps the buyer to
finish some work. For example, a cricket coaching center.
Hybrid business A hybrid is the one where the business is
doing both selling product and selling services.
Manufacturing businesses These are the businesses that
make a product and sell it. Products are usually made in
factories.
Trade businesses These businesses buy and sell a product.
They also transport the product from the factory to
warehouses and then finally to shops near the customers.
Information Technology means to create, manage, store and
exchange of data via various methods. To transfer, create and
store data we need many technologies such as computer
software and hardware, etc. These technologies help us to
manage the data in a significant way.
Information Technology enabled Services (ITeS)
Information Technology can be seen in every industry. This
technology regulates the functioning of the industries
smoothly. Those industries which enable Information
Technology to provide quality services is called Information
Technology Enabled Services (ITes). some industries also use
web-enabled services or Remote services to improve the
efficiency of their work.
BPO services
Business Process Outsourcing (BPO) services mean those
business operations which are performed by an outside
service provider. In other words, you can say that some
industries take help from other service providers to facilitate
their work. They heir some outsourcing companies for that
work and those outsourcing companies is called BPO
(Business Process Outsourcing).
Some of the BPO services are as follows:
(a) Financial and Accounting Services
(b) Taxation and Insurance Services
(c) E-Publishing and Web Promotion
(d) Legal Services and Content Writing
(e) Multimedia and Design Services
(f) Document Management Services
(g) Software Testing Services
(h) Health Care Services
BPM industry in India
The IT BPM (Business Process Management) industry is doing
an exceptional job in the growth of India. This industry
provides quality services. We can say that It has been filing
India's growth.
BPO service industry is expanding in India at a great pace
due to the following advantages.
BPO service providers in India invest a lot of money in the
new technologies. the ensures to provide error-free
service. They are investing in quality software and hardware
to give us better performance.
(b) Government of India is also providing then backbone
support to them. The government provides the necessary
infrastructure and logistical support to them to make their
work easy.
(c) BPO Industry in India is highly developed and they are
capable of giving us quality service. They are trying to
become more and more advance.
Structure of the IT-BPM industry
a) Multinational Companies (MNCs): Those companies
whose headquarter is in outside India but are operating their
work in many locations worldwide is called Multinational
companies. These companies provide a number of jobs.
b) Indian Service Providers (ISPs): ISPs are those providers
whose operations are in India. Most of these organizations
have their headquarters in India and all the jobs done by
them from India.
c) Global In-house Centers (GIC): GIC organisations work for
the parent company they have to fulfill the parent company's
work
IT applications
Nowadays Information Technology can be seen everywhere
around the world.. All of us using it every day. Here we will
discuss some applications of IT in our day to day life. We will
discuss how IT is involved in our life from home to school and
offices.
IT in home computing
We use a PC (personal computer) at our home. The computer
is used in our homes for surfing the internet, making
presentations, video, games, etc.
IT in everyday life
In our daily life, most of the equipment we are using is
embedded with software. Microwave has its own software to
maintain the temperature and also washing machines, the
set-top box has software to interact with us and give us a
good experience.
IT in library
Nowadays managing books in the library is not such tough
work. Libraries are now computerised. To manage a lot of
books barcodes can be associated with books which makes
the process easy to keep track of the list of available books
and many more.
IT at workplace
all the offices are equipped with computers. Most of the
work is now done on computers. In offices computers and
software makes their work very easy and fast.
IT in education
Information technology IT is very much used in education for
teaching-learning processes. The software and Hardware
made the process of learning very easy. We can see a lot of
animations in educational videos which made studying very
interesting. Various methods of illustrations are now brought
to visualize what we are reading in the real world.
(a) ICT in the classroom
ICT can be used in various ways in schools.
• e-learning classrooms;
• smart-board presentations;
• videos on experiments;
• creation of images and video;
• desktop publishing of magazines, letters and documents;
(b) Education — anywhere anytime
A lot of books and educational content are now digitalized.
We can get the content whenever we want. Our government
is also providing websites to access NCERT books online.
(c) Teaching aids and media
ICT is used mostly as a teaching aid in schools to
• use pictures, animations and audio-visuals to explain
subjects that are difficult to explain.
• make the lessons interesting using presentations.
• organise lessons using the computer.
(d) Learning Management System (LMS)
A Learning Management System (LMS) is being used by many
schools to manage their school system. This system is very
useful for managing attendance and result. Is well designed
to record students' data in an effective way.
IT in entertainment
One can now download movies, play games, chat, video calls
using mobiles and computers. Digital broadcasting has
opened a door to the world. It changed the television
experience. digital programs are now more interactive and
use very much graphics designing.
IT in communication
In communication, IT has a significant role. One can easily
chat through various platforms. Video calling has now
become easier. IT has really changed the way of
communication.
IT in business
Computers are used in business organisations for payroll
calculation, sales analysis, financial forecasting, managing and
maintaining stocks. Most of the businesses now use a digital
mode of payment. To manage all the records companies rely
on computers.
IT in science and engineering
To do complex scientific calculations, Computer-Aided Design
(CAD) or Computer-Aided Manufacturing (CAM) Scientists
and engineers use software applications. It made their work
easy. drawing and calculation became very easy.
IT in banking
Banking without computers can't be imagined. A lot of work
is done in the computers from transactions to maintaining
records. Recurring deposits (e-RD), Fixed deposits (e-FD),
money transfer from one account to another (NEFT, RTGS),
online transactions are done using the Internet.
IT in insurance
Insurance companies use a computer to store data of their
clients. It manages their data and gives them timely
notifications for their premium. It allows the user to get a
good knowledge over their policy.
IT in marketing
The computer is very much needed in marketing. The
computer is used to create sell advertisements. It is used to
monitor the performance of the product in the market.
different illustrations can be made to present the product in
an effective and decorative way.
IT in health care
Our hospitals are now computerised a lot of healthcare
activities are now monitored by computers. Some of the
high-level gadgets are made to serve in hospitals.
(i) Computerised Axial Tomography Machine (CAT): Using
this machine three-dimensional (3D) images of different parts
of the body can be made. These images are helpful in the
diagnosis of diseases.
(ii) MRI (Magnetic Resonance Imaging Machine):
MRI machines are used to provide an image of the internal
organs of the body by using strong magnetic fields and radio
waves. The digital images are very helpful in the detection of
the disease.
(iii) Electrocardiogram (ECG) Machine: This machine is used
to monitor the heartbeat of a person. This machine records
the electrical impulse.
Cardiac Screening Machine: This machine is used to detect
the problems related to the heart. It monitors the internal
working of the heart.
(v) EEG (Electro encephalography) Machine:
The Electro encephalography machine is used to record the
activities of the brain. This machine works both in the patient
is sleeping of awake.
(vi) Blood Sugar Testing Machine: This is used to check the
sugar level in blood.
(vii) Blood Pressure Measuring Machine: Blood pressure can
be checked digitally by the blood pressure measuring
machine.
IT in the government and public service
The government uses many computer applications to provide
their schemes to a large number of people. The government
has also it's own web portal and applications where we can
get the information regarding any policy and schemes.
